COMMISSIONER OF INCOME TAX Vs. AGGARWAL PIPE CO

JUDGEMENT

(1.) THE Commissioner of Income -tax has filed this petition under Section 256(2) of the Income -tax Act, 1961 (for short 'the Act'), seeking a direction to the Income -tax Appellate Tribunal to state the case and refer the following questions for the opinion of this court ;

(2.) DURING the course of assessment proceedings for the assessment year 1987 -88, the Assessing Officer noticed certain cash credits in the books of account of the assessee, a registered firm. He asked the assessed to prove these cash credits. Though confirmation letters from the creditors concerned were filed by the assessed they were not produced. Summons under Section 131 of the Act were also issued to one of the creditors but the same were received back unserved. The assessed surrendered all the cash credits. Accordingly, the amount so surrendered was added to the income of the assessee.

(3.) THE Revenue's application under Section 256(1) of the Act having been dismissed by the Tribunal, the present petition has been filed.