AKSHAY BHANDAR Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE Tribunal at the instance of the assessee referred the following three (3) questions under S. 256 (1) of the INCOME TAX ACT, 1961 (for short, "the Act") for opinion of this Court :

(2.) THE facts for the purpose of answering the above questions may be stated as follows :

(3.) THE Revenue, dissatisfied with the order passed by the CIT (A) preferred an appeal before the Tribunal. The Tribunal, however, after considering the various aspects of the matter came to the conclusion that there had been a concealment of accounts. The Tribunal further held that the assessee -firm had failed to substantiate the claim that the cash sales shown on the concerned date for the year under consideration were not the cash sale proceeds but the concealed income of the assessee. Accordingly, the order passed by the CIT (Appeals) was reversed and the order of the ITO was restored. At the instance of the assessee, the above three (3) questions had been preferred for the opinion of this Court.