BANSHIDHER AGARWAL PANNA Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS is an IT reference. The questions of law referred are as follows :

(2.) THE reference relates to the asst. yr. 1973-74. In the books of account of the assessee there was an entry of Rs. 57,251 in the capital account made on April 3, 1972. THE assessee was required by the ITO to explain this entry. THE assessee's explanation was accepted by the ITO to the extent of Rs.10,400 and the rest was taxed as income. In appeal, the AAC accepted the explanation of the assessee to a further extent of Rs. 14,000 and maintained the addition to the extent of Rs. 32,851. THE same view was taken by the Tribunal.

(3.) FOR the reasons given above, we answer both the questions in the affirmative, in favour of the Department and against the assessee. The assessee will pay the costs of this reference. Counsel's fee Rs. 100 if certified.