1999 (4) TMI 8

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..... 256(2), the CIT seeks a direction to the Tribunal, Ahmedabad Bench B, Ahmedabad, to state the case and submit the following question of law said to be arising out of its order in IT Appln. No. 3101/Ahd/1997 for the asst. yr. 1994-95: "Whether the Tribunal is right in law and on facts in holding that only the net profit rate can be applied in respect of admitted sales of goods outside the books .....

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..... fits embedded in the sales for which the net profit rate was adopted entailing addition of income on the suppressed amount of sales. The Tribunal also found that there is no material on the record to suggest that the assessee made any investment outside books of accounts to make alleged unaccounted sales in respect of the aforesaid appellate order. The applicant made an application under s. 256(1) .....

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..... cquiring goods which have been sold have been made by the assessee and that has also not been disclosed. In the absence of such finding of fact the question whether entire sum of undisclosed sale proceeds can be treated income of the relevant assessment year answers by itself in negative. The record goes to show that there is no finding nor any material has been referred about the suppression of i .....

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