TMI Blog1970 (3) TMI 44X X X X Extracts X X X X X X X X Extracts X X X X ..... of the court was delivered by NAIK J.- This is an application under section 256(2) of the Income-tax Act, 1961, read with section 66(2) of the Income-tax Act, 1922, for a direction requiring the Income-tax Appellate Tribunal to state the case and refer the questions of law arising out of the order of the Tribunal dated January 22, 1965. The questions of which reference is sought are : " A. Wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n record ? " The non-applicant assessee carries on sarafi business at Tal, district Ratlam. During the course of the assessment proceedings for the year 1960-61, the Income-tax Officer noticed a credit entry of Rs. 12,409 in favour of one Hansraj Gokulji in the account books of the assessee. The entry related to the sale proceeds of 104 tolas of gold alleged to have been given to the assessee by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the income-tax Appellate Tribunal, the imposition of the penalty was cancelled. The Tribunal said : " While we ourselves have held that the assessee's explanation was not proved in regard to the source of the credits, there is nothing to bring home the charges of concealment or furnishing of inaccurate particulars on the assessee. Once the explanation of the assessee is out of the field, there ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ue can point to no positive circumstances on the record from which an inference of concealment or deliberate furnishing of inaccurate particulars could reasonably arise ; and, in the absence of such material, the Tribunal was correct in holding that there were no positive circumstances warranting the drawing of the necessary inference of concealment or of deliberate furnishing of inaccurate partic ..... X X X X Extracts X X X X X X X X Extracts X X X X
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