- (1.) The present income-tax reference has been filed at the instance of the revenue arising from the order of the Tribunal dated 21-5-1996 in I.T.A. Nos. 73 of 1996 and 74 of 1996 relating to the assessment years 1988-89 and 1989-90. The Tribunal has referred the following questions for the opinion of this Court: R.A. No. 8 (DEL)/1995: 1. Whether the Honble ITAT was correct in law in holding that addition of R.s. 5,71,93,482 made on account of unexplained investment in purchasing of silver for the work done on his own account but shown as job, was not justified irrespective of the fact that Assessee himself in the statement recorded under Section 132(4) admitted that I am doing chain business?
(2.) Whether the Honble ITAT was correct in law in making reliance on the decision given in the case of CST v. Ram Kumar Agrawal, 67 STC 400 by the Honble Allahabad High Court, regarding the definition of the word sale irrespective of the fact that silver was being purchased by the Assessee in his own account and then sold as silver chain so onus was on the Assessee to prove entries in support of the version?
(3.) Whether the Honble ITAT was correct in law in holding that the silver receipt shown in the cash memo is only for the job work and not belongs to the Assessee irrespective of the fact that the Assessee could not prove his claim by producing the documentary evidence including primary evidence of giving correct and complete name and address of the so-called customers from whom silver was allegedly received? RA. No. 9 (DEL)/1995: 1. Whether the Honble ITAT was correct in law in holding that addition of Rs. 3,64,84,850 made on account of unexplained investment in purchasing of silver for the work done on his own account but shown as job was not justified stating that Assessee did only job work irrespective of the facts that Assessee himself, in the statement recorded under Section 132(4) admitted that I am doing chain business? 2. Whether the Honble ITAT was correct in law in making reliance on the decision given in the case of STC v. Ram Kumar Agrawal Volume 19 (67) Sales Tax Cases page 400 by the Honble Allahabad High Court regarding the definition of the word sale irrespective of the fact that silver was being purchased by the Assessee in his own account and sold as silver chains, so toprove entries in as silver chains, so to prove anything contrary onus was on the Assessee to prove entries in support of his version? 3. Whether the Honble ITAT was correct in law in holding that the silver receipt shown in the cash memos is only for job work and not belongs to the Assessee irrespective of the fact that the Assessee could not prove his claim by producing documentary evidence including primary evidence of giving correct and complete name and address of the so-called customers from whom silver was allegedly received?;