TMI Blog1980 (6) TMI 21X X X X Extracts X X X X X X X X Extracts X X X X ..... e of assessment proceedings, the ITO noticed cash credits in the assessee's books of account in the names of six parties totalling in all to Rs. 77,500. Enquired about the nature and source of these credits, the assessee explained that these were loans obtained from those parties and produced letters of confirmation in respect of this contention. The ITO found that the credits were not verifiable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and the Tribunal refused to refer the question proposed by the assessee. The assessee made an application to this court under s. 256(2) of the I.T. Act, 1961. At the appropriate time, when the reference application under a 256(2) came up for hearing, Mr. Justice A. N. Sen (as the learned Chief justice then was) along with Mr. Justice T. K. Basu was taking up income-tax matters and other reference ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ice and Mr. Justice T. K. Basu are in seisin of the matter and in view of that matter the present Bench hearing the income-tax reference matters has no jurisdiction and, therefore, I respectfully pray that the matter may be released and my objection may be heard by the Chief justice and Mr. Justice T. K. Basu and since my submission is that this court has no jurisdiction I submit that I cannot arg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The analogy of the case where witnesses are examined, in part, by a particular learned judge and the rest of the evidence is heard by another judge will not apply in the facts and circumstances of this case. On the merits of the questions, in view of the language used in s. 68 of the I. T. Act, 1961, as it does not make any distinction between commercial loans and non-commercial loans, in our op ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... circumstances of this case. In view of s. 68 of the Act, in this case, it lay upon the assessee. Whether that onus has been discharged in a particular case is a question of fact and the Tribunal, in our opinion, had materials on record and had come to the conclusion as it did. In the premises, both the questions are answered in the affirmative and in favour of the revenue. In the facts and cir ..... X X X X Extracts X X X X X X X X Extracts X X X X
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