CIT Vs. BHERU LAL BOHARA

JUDGEMENT

(1.) THIS appeal by the revenue, seeks to challenge the order of the learned Tribunal dated 26 -3 -2004, relating to block period 1987 -88 to 1997 -98.

(2.) THIS appeal was admitted vide order dated 7 -11 -2005, by framing "two substantial questions of law:

(3.) IN our view, on the face of this, it cannot be said, that the learned Tribunal did not have any material, to hold, that the assessee was having the opening capital of Rs. 60 lacs, as on 1 -4 -1986, rather the capital available in 1963 is continuing to be in money lending business, and looking to the interest being charged by him, having been duly proved by evidence (oral), which has been believed by the learned Tribunal, and then, on mathematical calculations, the above figure has been arrived at. In our view, thus there was sufficient material available with the learned Tribunal, to arrive at the above figure of opening capital of Rs. 60 lacs as on 1 -4 -1986.