JAWAHARLAL DARYAVBUXMAL Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) BY this reference under Section 256(1) of the I.T. Act, 1961 (hereinafter referred to as "the Act"), the Income-tax Appellate Tribunal, Indore Bench, has referred the following question of law to this court for its opinion :

(2.) THE material facts giving rise to this reference briefly are as follows :

(3.) NOW, in the instant case, the assessee had disclosed that he had acquired a plot of land and that he had constructed a house thereon. The finding of the AAC in this behalf, which has not been set aside by the Tribunal, is as follows :