TMI Blog1981 (6) TMI 25X X X X Extracts X X X X X X X X Extracts X X X X ..... he ITO, Ward No. 1, Porbandar, noticed a cash credit of Rs. 25,000 in the assessee's books of account which was introduced on January 8, 1968. The assessee, who carries on transport business under the name and style of Ramesh Transport, was called upon to explain the nature and source of this cash credit. She did submit her explanation. The ITO, however, did not accept her explanation and made an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dings under s. 271(1)(c) of the I.T. Act, 1961 (hereinafter referred to as " the Act "). The Tribunal having confirmed the view taken by the AAC, at the instance of the assessee, the following question has been referred to us for our opinion under s. 256(1) of the Act: " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in concluding that the nature an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... raised by the assessee on the ground that the assessee was aware of the additional evidence since it was produced before the IAC in the penalty proceedings. The approach of the Tribunal is neither legal nor correct. The question was not whether or not the assessee was aware of the additional evidence when the matter came up for hearing before the Tribunal. What was important was whether the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to remit the matter to the Tribunal for giving an adequate opportunity to the assessee to explain or rebut the additional evidence produced before it by the revenue and on which reliance was placed by it in confirming the order of the AAC. We, therefore, decline to answer the question referred to us for our opinion and remit the matter to the Tribunal for fresh disposal in accordance with law. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
