SURINDER KUMAR Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) THE assessee has preferred this appeal under s. 260A of the IT Act, 1961 (for short, "the Act") against the order dt. 31st the following substantial questions of law :

(2.) THE assessee purchased FDRs. Two of the said receipts were purchased for the asst. yr. 1996 -97, which is the year in question and two receipts were purchased for the subsequent year. The income which led to the said investment was not disclosed. The AO initiated assessment proceedings on acquiring information about the said FDRs and after following the necessary procedure, held that the amount invested in the said FDRs represented undisclosed income and made addition accordingly. The plea of the assessee that the amount represented saving of the assessee was rejected. The addition has been upheld by the CIT(A) as well as the Tribunal. The Tribunal observed :

(3.) WE have heard learned counsel for the parties.