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TMI Blog1988 (9) TMI 39X X X X Extracts X X X X X X X X Extracts X X X X ..... under section 256(2) of the Income-tax Act, 1961. The material facts giving rise to this application, briefly, are as follows: In the return filed by the assessee for the assessment year 1977-78, the assessee had disclosed an income of Rs. 1,500. While framing the assessment, the Income-tax Officer found that the assessee had invested sum of Rs. 64,000 in the purchase of a plot and the construct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the order passed by the Appellate Assistant Commissioner, the assessee preferred an appeal before the Tribunal. The only contentions raised on behalf of the assessee before the Tribunal were that the assessee was not given proper opportunity to produce evidence to substantiate his contention that the sum of Rs. 45,000 was advanced by one Gyarsilal as loan and that the said loan transaction was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... but the application submitted by the assessee in that behalf was rejected. Having heard learned counsel for the parties, we have come to the conclusion that this application deserves to be rejected. The question whether proper opportunity was or was not given to the assessee to produce the creditor, is a question of fact. The Tribunal has found from the material on record that proper opportunity ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from the creditor was sufficient to discharge the onus on the assessee does not appear to have been raised before the Tribunal, that circumstance along with all other materials was considered by the Tribunal and after consideration of the entire material on record, the Tribunal found that the explanation offered by the assessee regarding the cash credit of Rs. 45,000 was not satisfactory. This is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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