COMMISSIONER OF INCOME TAX Vs. J P GOEL

JUDGEMENT

(1.) ON an application under s. 256(2) of the IT Act, 1961 (`the Act') this Court has directed the Tribunal to refer the following questions for the opinion of this Court. Question referred at the instance of the Revenue reads as under :

(2.) THE questions referred at the instance of the assessee reads as under :

(3.) THE learned counsel for the assessee, Mr. Khaitan submits that the material found at the time of raid has been properly explained and the Tribunal has considered all the items in detail with supporting evidence and then only came to the conclusion that there is nothing wrong in the order of the ITO. He has thoroughly investigated the case and he has also complied the direction of the then CIT for investigation and in compliance of his direction the assessment was made. So far cash of Rs. 5,09,000 is concerned there was some misunderstanding. THE cash was for payment to one Bishan Dayal Goel and from where the cash was received its source has been explained, the creditors have been examined and they have confirmed the loan to Goel Industries, wherein the assessee HUF is one of the partners.