1989 (7) TMI 46 - HC - Income Tax

Summary

The High Court dismissed the Commissioner's request for reference of two questions of law to the court. The first question pertained to cash credits assessed as income from undisclosed sources, which the Tribunal found to be advances received for supplies made. The second question related to an addition of income from undisclosed sources due to an alleged undervaluation of hypothecated stocks, which the Tribunal concluded lacked evidence to support the Income-tax Officer's decision. The court deemed both questions to be questions of fact and dismissed the petition with no costs.