TMI Blog1990 (4) TMI 32X X X X Extracts X X X X X X X X Extracts X X X X ..... of the case, the Income-tax Appellate Tribunal was justified in holding that the item as mentioned in annexure BM-67 seized at the time of search and seizure operation was the same as appearing in the assessee's valuation report of May, 1980, and, as such, it stood explained, and whether it is not a case of miscarriage of justice and drawing wrong conclusions from the given facts ? 2. Whether, in law and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in deleting the entire addition of Rs. 5 lakhs made by the Income-tax Officer to the income of the assessee as unexplained investment under section 69A of the Income-tax Act, 1961 ?" As common questions have been raised, we propose to deal with them by a c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unal. The Department also felt aggrieved against the appellate order which allowed the relief of Rs. 2,37,000 to the assessee, and it also filed a cross-appeal to the Tribunal. Both the appeals were decided by a common order. The appeal filed by the Department was dismissed and that of the assessee was allowed. The applications under section 256(1) for a reference to this court were also rejected by the Tribunal. Feeling aggrieved, the Revenue has come up in these two applications. We have carefully gone through the records of the case and, after hearing learned counsel for the parties, we are of the opinion that the questions sought to be referred are not questions of law but are pure questions of fact. As it is apparent from the quest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reports of the valuers could not be accurate and exact, and the possibility in difference of weight could not be ruled out. Another finding recorded by the Tribunal was that once the difference in weight was ignored there was no other material worth relying on brought on record by the Revenue to suggest that the ring seized during search was different from the one which the assessee possessed way back in 1978 and the value of which was assessed to wealth-tax in the assessment years 1977-78 and onwards. The Tribunal also noticed that another addition under section 69A made in identical circumstances with regard to diamond ear tops was deleted by the first appellate authority against which no further appeal was filed by the Revenue, and th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fact, the fact that it is itself an inference from other basic facts will not alter its character as one of fact. It was observed (at page 41) "It has consistently been held that inferences from facts may themselves be inferences of fact and not of law, and that such inferences are not open to review by the court." In our opinion, the conclusions reached by the Tribunal in the instant case are based on appreciation of evidence. It is not possible for us to say that the conclusions which appealed to the Tribunal were not plausible on the evidence and the circumstances that were placed before it. That being so, in our opinion, the order of the Income-tax Appellate Tribunal does not give rise to any question of law. There is, thus, no mer ..... X X X X Extracts X X X X X X X X Extracts X X X X
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