1976 (8) TMI 17

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..... Income-tax Act, 1961. The question called for from the Tribunal is : " Whether the conclusion arrived at by the Tribunal that the sum of Rs. 87,000 was the income of the assessee from undisclosed sources was perverse in the sense that no reasonable man would come to it on the materials on record ? " The facts found or admitted as appearing in the statement of the case and the annexures theret .....

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..... s a name-lender and had accommodated several parties to conceal their income in the guise of hundi loans. The request of the assessee that Tarachand Surana should be summoned for cross-examination was not acceded to. In the earlier assessment year also, the loan of Tarachand Surana was added back. Being aggrieved, the assessee went up in appeal before the Appellate Assistant Commissioner against .....

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..... evenue, the following points in the evidence of Tarachand Surana were emphasised. (a) Tarachand Surana had no office and was not carrying on any business at the material time. (b) On the other hand he stated that he was carrying on business in a number of trade names and had admitted having done hawala business for which he maintained account books. (c) According to him he was earning only R .....

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..... uded that the genuineness of the loans from Tarachand Surana to the assessee was not established. The addition made by the Income-tax Officer was accordingly upheld by the Tribunal. Mr. R. N. Bajoria, learned counsel for the assessee, has contended before us that on the evidence adduced by Tarachand Surana, the only possible conclusion to which a reasonable man could arrive at would be that the .....

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..... stant case were not genuine. No doubt on the same materials it is possible to come to a different conclusion but in the reference jurisdiction the court is not competent to find facts for itself. For the reasons as aforesaid, we answer the question referred to us in the negative and in favour of the revenue. There will be no order as to costs. DEB J.-I agree.  
Case laws, Decisions .....

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