COMMISSIONER OF INCOME TAX Vs. RATANCHAND JAIN

JUDGEMENT

(1.) THIS is a reference under Section 256(2) of the Income-tax Act, 1961, at the instance of the Revenue and the following question of law has been framed by the Revenue for calling for the statement of facts from the Tribunal :

(2.) THE brief facts giving rise to this reference are that 119 tolas of gold was seized from the possession of the assessee by the Central Excise Department. THE value of the said gold was treated as unexplained investment and added to the income of the assessee. THE Tribunal found that the said gold was confiscated, which amounted to capital loss. THE Tribunal, therefore, directed the same to be allowed as a set off against the said addition. Against that, an application was moved by the Revenue for referring the case before the Tribunal and that application was rejected by the Tribunal.

(3.) THE application for calling for a statement of case is allowed.