- (1.) This income tax reference u/s 256(1) of the Income Tax Act (for short, 'IT Act') is directed against the order of Income Tax Appellate Tribunal, Jaipur (for short, 'ITAT') and relates to the assessment year 1994-95.
(2.) Following questions of law have been referred and are required to be answered by this Court:- 1."Whether on the facts and in the circumstances of the case the Tribunal was justified in holding that the benefit of peak credit could not be automatically granted to the assessee - 2"Whether on the facts and in the circumstances of the case the Tribunal was justified in holding that when the fiction provided in section 69 of the I.T. Act comes into play, all unexplained expenditure has to be added to the income of the assessee for such financial year -
(3.) The counsel for the assessee does not press the question No.2 quoted above and thus this question is decided against the assessee.;