COMMISSIONER OF INCOME TAX Vs. POPULAR JEWELLERS

JUDGEMENT

(1.) By this reference under Section 256(2) of Income- tax Act, 1961 the Revenue seeks mandamus to the Income- tax Appellate Tribunal for drawing up a statement of case and referring the following question of law (relevant to the assessment year 1979-80) for the opinion of the High Court :-

(2.) . The relevant facts may briefly be noticed. During the course of assessment proceedings, the assessee had made a claim for deduction of Rs.91,500.00 as business loss in view of the confiscation of gold and other jewellery by customs authorities. The claim was disallowed and the sum of Rs.91,500.00 was added as income from undisclosed sources as the assessee could not explain the source of acquisition of gold and gold ornaments of that value. The assessee took up the matter upto the Income-tax Appellate Tribunal which also by its order dated 22/11/90 dismissed the appeal.

(3.) . The assessee then moved an application under Section 154(2) of the Act seeking rectification in the order of the Tribunal. The Tribunal allowed the application and corrected its appellate order so as to read that the appeal by the assessee was allowed and the addition in the income of the assessee was deleted.