- (1.) The Income-tax Appellate Tribunal, Allahabad, has referred the following question under Section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), for the opinion to this court : "Whether in view of the fact that the additions towards unexplained deposits have been made by treating the transactions as non-genuine and as such by implication the deposits have been treated to have been made by the applicant and in these circumstances on the consideration of the entries of deposits and payment the peak amount should only be added ? "
(2.) The reference relates to the assessment year 1979-80.
(3.) Briefly stated the facts giving rise to the present reference are as under :;