PRAKASH CHAND LUNIA Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) HEARD learned counsel for the parties on application under s. 256(2) of the IT Act, 1961. The following questions are proposed : "1. Whether, on a true and correct interpretation of s. 69A of the IT Act, 1961, the Tribunal was right in law in upholding the addition of Rs. 3,06,36,909 as undisclosed investment made by the petitioner ?

(2.) WHETHER, on the facts and circumstances of the case, the Tribunal had any relevant and cogent material before it to hold that the petitioner was the 'owner' of the silver bars to enable application of s. 69A of the Act ?

(3.) WHETHER, on the facts and in the circumstances of the case, there was any material available with the Tribunal to come to a conclusion that the burden which lay upon the AO under s. 69A of the IT Act, 1961 to prove the ownership, in absence of any independent material or evidence available with him, stood discharged ?