RATAN CHAND LODHA Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE Income-tax Appellate Tribunal, Jaipur Bench, Jaipur (for short, "the Tribunal"), has referred under Section 256(1) of the Income-tax Act, 1961 (for short, "the Act"), to this court for its opinion, the following questions, viz. :

(2.) THE assessee is an individual dealing in rough precious and semiprecious stones in local and foreign markets. THE assessment year involved is 1979-80 relevant to the assessee's previous year ending on Diwali S.Y. 2035.

(3.) MR. T.C. Jain, learned counsel for the assessee, vehemently urged that the income-tax authorities as well as the Tribunal have not appreciated the facts of the case and evidence on record in the right perspective and, therefore, their findings stand vitiated. Referring to the principles enunciated in certain cases particularly in CIT v. Lakshman Swaroop Gupta and Bros. [1975] 100 TTR 222 (Raj) and CIT v. Smt. P.K. Noorjehan [1980] 123 ITR 3 (Ker). MR. Jain submitted that no inference on the basis of the entries in the seized paper could have been made against the assessee and that no addition could be made or sustained under Section 69 of the Act on the sole basis of unsatisfactory explanation of the assessee.