AUTO SALES Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) IN the present proceeding at the instance of the assessee, the only question sought to be referred is as follows ;

(2.) BEING aggrieved by the order of the Appellate Assistant Commissioner, the assessee went in appeal before the Tribunal and the said appeal was allowed in part by the judgment and order dated December 29, 1976.

(3.) MR. Ashok Kumar, learned counsel for the Revenue, contended that the transactions of gift are not genuine in view of the fact that there is already a final finding of fact by the Tribunal that Shri Devi Chand Gupta was having a debit balance at the opening of the relevant year and, accordingly, all subsequent transactions are apparently not genuine particularly as the gift was made by Devi Chand on January 1, 1971, and the gifts were made by Chandra Mohan Gupta and Man Mohan on the same date and of the same amount.