COMMISSIONER OF INCOME TAX Vs. YUNUS KUNJU A

JUDGEMENT

(1.) THE Revenue is the petitioner in both these original petitions. THE same assessee is the respondent in both the cases. THE matter arises under the Income-tax Act. Both the original petitions relate to the assessment year 1979-80. In these two original petitions filed under Section 256(2) of the Income-tax Act, the Revenue prays that the Appellate Tribunal may be directed to refer the questions of law, formulated in the original petitions, for the decision of this court.

(2.) THE respondent is an assessee to income-tax. He is a cashew exporter. He had open loan and key loan facilities with the State Bank of Travancore, Quilon Branch and South Indian Bank, Quilon Branch. In effecting the assessment for the year 1979-80, the Income-tax Officer made certain additions. THE additions were made with reference to the loans which the assessee obtained from the State Bank of Travancore, Quilon Branch, and South Indian Bank, Quilon Branch.

(3.) WHETHER, on the facts and in the circumstances of the case, and in view of the finding that the addition/enhancement is based solely and exclusively on the bank certificates based on godown and drawing power registers and also in view of the decision in Kapurchand Shrimal [1981] 131 ITR 451, should not the Tribunal have remitted the case for fresh consideration when the registers have been rejected by the Tribunal as fictitious and unreal ?"