KANHIAYALAL Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS income -tax reference case arises out of the order passed by the Income -tax Appellate Tribunal, Jaipur Bench, Jaipur, rejecting the application under Section 256(1) of the Income -tax Act, 1961, requiring the Tribunal to refer the following questions of law to the High Court :

(2.) WHETHER, the learned Tribunal was right in law in not excluding the old gold ornaments of children of the family weighing 95 -720 gms. from the assessment of the assessee and holding its value as unexplained investment by the assessee when such ornaments were found in the possession of the children or/and their parents and the inventories contain items of the children and there was no evidence that the assessee made investment during the previous year under assessment ?

(3.) WHETHER the learned Tribunal was justified in law in holding 512.460 gms. of old ornaments as unexplained, in computing its value at Rs. 93,054 and in sustaining addition of such amount under Section 69 of the Act ?