LAWS(PAT)-1984-9-15

COMMISSIONER OF INCOME TAX Vs. GANGA DAYAL SARJU PRASAD

Decided On September 04, 1984
COMMISSIONER OF INCOME-TAX Appellant
V/S
GANGA DAYAL SARJU PRASAD Respondents

JUDGEMENT

(1.) A statement of the case under Section 256(1) of the I.T. Act, 1961 (hereinafter referred to as "the Act"), has been submitted by the Income -tax Appellate Tribunal, "A" Bench, Patna, referring the following question of law for the opinion of this court:

(2.) THE relevant facts of the case may be culled out from the statement of the case. THE assessee is a firm and the assessment year involved is 1966 -67. In the course of the assessment proceedings, the ITO noticed cash credits aggregating to Rs. 23,500 in the names of different persons in the books of accounts of the assessee. In the absence of satisfactory evidence as to the sources of the credits, the ITO included this amount as unexplained income of the assessee and initiated proceedings under Section 271(l)(c) of the Act. Since the minimum penalty imposable in this case exceeded Rs. 1000, the ITO referred the matter to the IAC.

(3.) WHEN the argument of the case was taken up, none appeared to argue for the assessee and so ex parte argument on behalf of the Revenue was heard and the case is being disposed of on merits. Mr. B. P. Rajgarhia, senior standing counsel, has argued for the Revenue.'