CIT Vs. PRINT PACK INDUSTRIES

JUDGEMENT

(1.) THE Income Tax Appellate Tribunal, New Delhi has referred the following two questions of law under section 256(2) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act) for opinion to this court: '1. Whether the ITAT was justified in confirming the view of the Commissioner (Appeals) and directing the assessing officer to verify whether amount introduced in the firm was made out of income shown by the parties under Amnesty Scheme when the deposits in the firm were in cash and there was no evidence with the partners to have earned independently

(2.) WHETHER the ITAT was justified in upholding the decision of the learned Commissioner (Appeals) that the amount disclosed by the partners could explain the deposits in the case of the firm when the same are not acceptable in view of the ratio laid down in the case of Smt. Shakti Rani Devi v. CIT ( 1973) 115 ITR 712.' The present Reference relates to the assessment years 1986 -87.

(3.) WE have heard Sri Shambhoo Chopra, learned Standing counsel for the revenue. Nobody has appeared on behalf of the respondent -assessee.