ADDITIONAL COMMISSIONER OF INCOME TAX Vs. SAMRATHMAL SANTOSHCHAND

JUDGEMENT

(1.) BY this reference under Section 256(1) of the I. T. Act, 1961, 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 I THE assessee, Samrathmal Santoshchand, is a HUF and the assessment year in question is 1967-68. During the course of assessment proceedings, the ITO found credits in the names of the following parties in the books of the assessee: <FRM>JUDGEMENT_297_ITR124_1980Html1.htm</FRM>

(3.) THIS question came up for consideration in Badri Pd. and Sons v. CIT [1975] 98 ITR 657 (All), where the learned judges observed as follows (p. 658):