TECHNICAL GLASS INDUSTRIES Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) This appeal under Section 260-A of the Income Tax Act (hereinafter referred to as "Act") is directed against the order of Tribunal dated 07.11.2002 for the assessment year 1991-92.

(2.) The aforesaid appeal has been admitted by this Court vide order dated 21.4.2003 on the following questions of law:"( ii) Whether on the facts and circumstances of the case, the Tribunal was legally correct in holding that the assesseee was the owner of the demand drafts of the aggregate value of Rs. 12,79,433/- and addition for the same had rightly been made in its hand, by invoking the provisions of Section 69/69-A of the Act? (iv) Whether in the absence of any material having been brought on record to show that it was the assessee who made investment in the said demand drafts of the value aggregating Rs.12,79,433/- (Rs. 7,36,921/- + Rs.5,42,512/-), the Tribunal was legally correct in holding that the provisions of Section 69 were applicable and in further taking a view that source of investment in such demand drafts remained unexplained, so as to attract additions for the same in its hands?"

(3.) The brief facts of the case are as follows: