- (1.) THIS is an application under S. 256 (2) of the IT Act, 1961 ('the Act') .
(2.) WE have heard the learned counsels for the parties. In the asst. yr. 1968-69 with which we are concerned, a sum of Rs. 1,79,044 was added to the income of the assessee on the ground that on 31st Jan., 1988 the stock hypothecated with the bank was to the tune of Rs. 1,91,305 while in the account books the stock available was Rs. 12,260.31 only. The Explanation given by the assessee that there was no such hypothecation of stock inasmuch as only a list of certain items was furnished on estimate basis for purposes of obtaining a higher over-draft limit, was rejected throughout including by the Tribunal. Consequently, the addition of Rs. 1,79,044 was upheld.
(3.) THE contention put forward before this Court was that there was no material before the Tribunal on the basis of which the impugned addition could have been sustained.;