2005 (11) TMI 32 - HC - Income Tax

Scope Of Section 68 - "(1) Whether, Income-tax Officer was justified in reopening the assessment under section 147(a) of the Income-tax Act? (2) Whether Tribunal was justified in holding that the addition of ₹ 50,000 in the total income of the assessee is income from undisclosed sources?" - Tribunal, after holding that the gift was not genuine, goes on to state that, therefore, there was no full and true disclosure by the assessee in the original return of income, and that the facts came to light only during gift-tax assessment proceedings in the hands of Shri Ramji Nanji. However, in the view that the court has taken on the merits, it is not necessary to render any opinion in relation to question No. 1 relating to reopening under section 147(a) - In the result, question No. 2 is answered in the negative, i.e., in favour of the assessee and against the Revenue. Question No. 1 is left unanswered