AMAR KUMARI SURANA Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE assessee filed an application under Section 256(2) of the Income-tax Act, 1961 (hereinafter to be referred as "the Act"), and prayed that the Tribunal be directed to refer the following questions for our consideration :

(2.) WHETHER, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was legally justified in holding that the sum of Rs. 23,400 could be considered as unexplained investment of the assessee and that the same represented the income of the assessee from undisclosed sources during the relevant accounting year ?"

(3.) MR. Ranka submits that no addition can be made under Section 69B of the Act, 1961, only on the basis of the fair market value of the asset, The burden is on the Department to prove that value of the asset has been shown at less than the fair market value and also to prove that the real consideration is exceeding the consideration shown in the account book by the assessee,