A.K.Sengupta, J. - (1.) At the instance of the Commissioner, West Bengal-IV, the following question of law has been referred to this court under Section 256(2) of the Income-tax Act, 1961 ("the Act"), for the assessment year 1967-68 : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the assessee is entitled to claim the benefit of intangible additions or additions in respect of un explained loans made in the assessments of the firms, wherein the assessee is a partner, to explain the source of cash credits of Rs. 35,601 and in that view reducing the addition by Rs. 20,000 ?"
(2.) The facts relating to this reference are stated hereinafter.
(3.) In the relevant assessment for the assessment year 1967-68, the total income of the assessee was computed at Rs. 1,21,670 inclusive of Rs. 47,374. He was a partner of five firms, namely, Biswanath Dutta, Biswanath Dutta and Co., Biswanath Cold Storage, Kashinath Cold Storage and Ashutosh Cold Storage.;