CIT Vs. BARODA CHAIN WORKS

JUDGEMENT

(1.) SMT . Mona Bhatt, learned counsel for the revenue and Mr. Saurabh Soparkar learned counsel for' the assessee.

(2.) THE following question has been referred to this Court for its opinion : Whether, on the facts and in the circumstances of the case, the Tribunal is justified in confirming the Deputy Commissioner (Appeals) decision that the value of gold ornaments of Rs. 1,20,000 which was not accounted for in the books of account of the assessee was assessable in the assessment year 1988 -89 instead of the assessment year 1987 -88 ?

(3.) ON the other hand, learned counsel for the assessee submitted that in the present matter Section 69A of the Act would not apply because the assessee had offered an explanation and the explanation was accepted by the authorities.