- (1.) The Income-tax Appellate Tribunal, New Delhi, has referred the following question of law under Section 256(2) of the Income-tax Act, 1961, hereinafter referred to as "the Act", for opinion to this Court : "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal, was legally correct to delete the addition of Rs. 4,32,685 holding that the Revenue has failed to prove that these deposits were in the nature of revenue receipts ?"
(2.) The present reference relates to the assessment year 1981-82.
(3.) Briefly stated the facts giving rise to the present reference are as follows :;