COMMISSIONER OF INCOME TAX Vs. L HADIBANDHU

JUDGEMENT

(1.) THIS is an application by the Revenue under s.256(2) of the IT Act of 1961 for a direction to the Appellate Bench of the I.T. Tribunal, Cuttack to state a case and refer the following two questions said to be of law for opinion of the Court.

(2.) ASSESSEE is an individual. The year of assessment is 1962 -63 ending with the previous financial year on 31st March, 1962. The ITO found that the assessee had introduced cash in his books of accounts of various dates and had withdrawn cash from the business book in a similar manner. Though assessee carried on business in bus plying, foreign liquor, molasses; cinema exhibition etc., he maintained accounts only in respect of plying of bus, foreign liquor and molasses. At the instance of the ITO, assessee drew up a central cash book indicating the amounts introduced and withdrawn by him and from the said central cash book. It transpired that assessee had excess cash introductions. The ITO discarded the return and did not accept the losses shown by the assessee and computed the total income at Rs. 94,880/ - wherein included a sum of Rs. 58,899/ - as income from other sources. Assessee failed in first appeal, but before the Tribunal, assessee reiterated his stand that out of the additions made during the year, the introduction in question was coverable. The Tribunal observed thus: -

(3.) THE application must accordingly fail and is rejected. We make no order as to costs.