2002 (1) TMI 1307 - HC - Income Tax

Summary

The High Court of Rajasthan rejected the reference application under section 256(2) of the Income-tax Act, 1961 by Shri Parswanath Granite Industries (P.) Ltd. The Assessing Officer disallowed cash credits of Rs. 43,000 and Rs. 17,000 in the names of Miss Pramila and Mr. Suresh Kumar Golecha, respectively, as they failed to prove the genuineness of the credits. The Tribunal's decision was upheld, and the application was rejected.