FAIRDEAL FILAMENTS LTD Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE Income Tax Appellate Tribunal, Ahmedabad Bench 'b' has referred the following three questions u/s. 256 (1) of the Income Tax Act, 1961 (the Act) at the instance of the applicant-assessee.

(2.) THE Assessment Year is 1991-92, the relevant accounting period being Financial Year ended on 31. 03. 1991. The assessee, a Private Limited Company, filed return of income on 30. 12. 1991 declaring total income of Rs. 72,900/ -. The Assessing Officer made addition on account of unexplained share capital to the tune of Rs. 18,40,200/-, disallowed the consultation fees of Rs. 75,000/-, and disallowed claim u/s. 80i of the Act.

(3.) THE assessee carried the matter in appeal before the Commissioner (Appeals) who partly allowed the appeal on one another ground but confirmed the Assessment Order in relation to the aforesaid three items by refusing to admit additional evidence in the following terms :