COMMISSIONER OF INCOME TAX Vs. MEGHA INDUSTRIES

JUDGEMENT

(1.) This Tax appeal has been filed on the following three proposed substantial questions of law.

(2.) The assessee had been engaged in the business of manufacturing and trading of educational material and office equipment like steel cupboard, chairs, tables, racks etc. and the assessee supplies the said items on rate contracts mainly to the Educational Department of the Government.

(3.) The second question relates to the deletion of addition of Rs. 75,916/- on account of unsecured loans. The Assessing Officer was of the view that the assessee had failed to explain the genuineness of the deposits received from ten different parties and on that basis Rs. 1,90,000/- was added to the income.