ASHOKA INSULATION Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS is an application by the assessee under S. 256(2) raising the following questions for the opinion of this Court :

(2.) THE question before the Tribunal was whether cash credit entry of 80,000 appearing in the name of M/s United Plastics, Allahabad in the books of the assessee was genuine. The Tribunal concluded that upon enquiry it was discovered that the said party was fictitious and that the applicant also failed to produce the said party before the assessing authority to prove the genuineness of the cash credit amounting to Rs. 80,000. Therefore, the cash credit entry of Rs. 80,000 was held to be unexplained and the addition was made in view of S. 68.