SUKHLAL BHANWARLAL Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS is an application under S. 256(2) of the IT Act, 1961 (hereinafter referred to as "the Act"). The material facts giving rise to this application, briefly, are as follows: The applicant is assessed in the status of an HUF. The assessment of the assessee for the asst. yr. 1975 -76 was completed under S. 143(3) of the Act and the total income was computed at Rs. 36,400. In the proceedings for the assessment of the assessee under the WT Act, 1957, the WTO noted certain accretions to the wealth and on the basis of that information, the assessment under the IT Act was reopened. In the reassessment proceedings, the ITO held that a sum of Rs. 30,000 was income of the assessee from undisclosed sources. Aggrieved by that order, the assessee preferred an appeal before the AAC who dismissed the appeal. The second appeal preferred by the assessee before the Tribunal was also dismissed. An application under S. 256(1) of the Act submitted by the assessee for making a reference to this Court was rejected by the Tribunal. Hence, the applicant has filed this application.

(2.) HAVING heard learned counsel for the parties, we have come to the conclusion that the following questions of law do arise out of the order passed by the Tribunal :