COMMISSIONER OF INCOME TAX Vs. LABALA HARIBANDHU SAHU

JUDGEMENT

(1.) AT the instance of the Revenue, this court by order dated December 6, 1979, in exercise of powers Under Section 256(2) of the I.T. Act of 1961 called upon the Cuttack Bench of the Appellate Tribunal to state a common case and refer the following common question for the opinion of the court :

(2.) THE relevant assessment years are 1962-63 and 1964-65. THE ITO made trading additions of Rs. 62,821 and Rs. 1,35,145 in the respective years. Similarly, a sum of Rs. 58,899 was treated as cash credit in the first year and a sum of Rs. 58,868 was treated as cash credit in the second year. THE dispute relating to the quantum was finalised in appeals before the Tribunal. THE Tribunal gave a set-off of the unexplained cash introductions against additions in the trading account.