- (1.) This is an application made by the Commissioner of Income Tax, Revenue, under Section 256 (2) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act of 1961'), which arise out of the order dated 14.10.2004 passed by the I.T.A.T. in two reference applications No.95/JP/1998 and 186/JP/1998, in relation to block assessment year 1986-87 to 1996-97 made by assessee and Revenue (C.I.T.). Facts of the case are these.
(2.) The Commissioner of Income Tax, as also the assessee, moved an application under Section 256 (1) of the Income Tax Act before the Tribunal, praying for making a reference to this Court to answer the questions proposed by them arising out of the order of the Tribunal dated 30 th of September, 1998, passed in ITSSA No.31/JP/97 arising out of the Block assessment year dated 25.03.1997 for the Block period 1986-87 to 1996-97 in relation to respondentassessee in their respective applications.2 By order under consideration, the Tribunal partly allowed the applications made by the Commissioner of Income Tax and also the application made by the assessee and, accordingly, following two questions were referred to this Court for answer on its merits under Section 256 (1) :- (1) Whether as per the provisions of section 158BB(1) of the Income Tax Act, 1961 the additions can be made of the basis of the material or information collected during the course of enquiry, or assessment investigation consequent upon the requisition u/s.132A of the Act. (2) Whether the remand of the issue by the tribunal relating to addition of Rs.33,10,423/- in respect of alleged unexplained investment in gold and silver in preceding years was justified.
(3.) The aforementioned two questions are now referred to this Court in ITR No.2/2007 which is pending for its final disposal.;