COMMISSIONER OF INCOME TAX Vs. RAVI KUMAR

JUDGEMENT

(1.) ACT "), the Tribunal, Amritsar Bench, Amritsar (hereinafter referred to as "the Tribunal') has referred the following questions of law for the asst. yr. 1988 -89 :

(2.) WHETHER , on the facts and in the circumstances of the case, the findings of the Tribunal are perverse - owned by the assessee and during the search, the assessee was found in possession of 1470 grams of gold ornaments and Rs. 50,750 in cash. Five slips/loose papers/chits containing some calculations written in the assessee's hand were also seized from him. The assessee surrendered a sum of Rs. 5,00,000 for tax on account of the unexplained cash and amounts on account of calculations appearing on the five slips : (Rs.) "Slip No. (i) 1,642 Slip No. (ii) 36,140 Slip No. (iii) 99,000 Slip No. (iv) 6,23,000"

(3.) AGGRIEVED by the order of the AO, the assessee filed an appeal before the CIT(A) who upheld additions made by the AO by observing that the assessee had failed to explain the contents of the documents. The assessee took the matter before the Tribunal by filing second appeal which was allowed.