COMMISSIONER OF INCOME TAX Vs. GURUDAS RAM KAPAHI

JUDGEMENT

(1.) By the Court - These references u/s 256(2) of the IT Act, 1961, have been made by the ITAT, Patna Bench, Patna. The following question of law has been referred for opinion of this court :

(2.) From the Statement of the Case, the following facts emerge. The assessee is a registered firm. The assessment years involved in these references are 1965 -66 and 1966 -67.

(3.) For the asst. yr. 1965 -66, the assessee returned an income of Rs. 58,479. The ITO disallowing various expenses and adding Rs. 49,779 as cash credits computed the total income after depreciation at Rs. 1,31,528. On appeal to the AAC the total income was reduced by Rs. 5,000. On further appeal to the Tribunal the total income was further reduced by Rs. 14,700 and it stood at Rs. 1,11,828.