COMMISSIONER OF INCOME TAX Vs. VARADARAJAN S

JUDGEMENT

(1.) IN pursuance of the direction given by this court in T.C.Ps. Nos. 185 and 129 of 1981, dated November 2, 1981, the Tribunal referred the following two common questions in the case of two of the assessees, for the assessment year 1975-76, for the opinion of this court, under section 256(2) of the INcome-tax Act, 1961 :

(2.) WHETHER, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in deleting the addition of Rs. 52,600 on the ground that the provisions of section 2(24)(iv) of the Income-tax Act, 1961, are not applicable in the assessee's case ?"

(3.) ACCORDING to the Income-tax Officer, the market value of the vehicles was much higher and the difference of Rs. 62,200 was assessable in the hands of the assessee under the provisions of section 2(24)(iv). The breakup of the relevant figures are as under : <FRM>JUDGEMENT_9_ITR224_1997Html4.htm</FRM>