COMMISSIONER OF INCOME TAX Vs. GURUDAS RAM PAPSHI AND BROS

JUDGEMENT

(1.) THESE references under S. 256(2) of the IT Act, 1961 ('the Act') have been made by the Tribunal, Patna Bench. The following question of law has been referred for opinion of this Court.

(2.) FROM the statement of the case, the following facts emerge. The assessee is a registered firm. The assessment years involved in these references are 1965 -66 & 1966 -67.

(3.) FOR the asst. yr. 196 -67, the assessee returned an income of Rs. 68,485. The ITO disallowing various expenses and adding Rs. 8,300 as cash credit computed the total income after depreciation at Rs. 99,883. On appeal to the AAC, the assessment as made by the ITO was confirmed. On further appeal to the Tribunal the total income was reduced to Rs. 99,626.