COMMISSIONER OF INCOME-TAX Vs. LALIT KUMAR GOEL

JUDGEMENT

(1.) THE Income -tax Appellate Tribunal, Delhi, has referred the following questions of law under Section 256(1) of the Income -tax Act, 1961 (hereinafter referred to as 'the Act'), for opinion to this Court: 1. Whether, on facts and in the circumstances of the case, the Income -tax Appellate Tribunal was legally correct in deleting the addition of Rs. 4,58,000 for the assessment year 1987 -88 in respect of the credits shown from various parties despite the non -satisfaction of the conditions laid down under Section 68 of the Income -tax Act by the assessee in respect of the credits?

(2.) WHETHER , on the facts and in the circumstances of the case, the Income -tax Appellate Tribunal was legally correct in deleting the addition of Rs. 3,83,000 for the assessment year 1986 -87 in respect of the credits shown from various parties despite the non -satisfaction of the conditions laid down under Section 68 of the Income -tax Act by the assessee in respect of the credits?

(3.) IN appeal the Commissioner of Income -tax (Appeals) deleted the addition made under Section 69 of the Act on the ground that the investment in construction of the house has been properly explained by the withdrawals shown by the respondent -assessee which were also found at the time of search on October 14, 1987. The Tribunal has upheld the finding given by the Commissioner of Income -tax (Appeals).