Law:

Section:

Section 69, read with section 256 of the Income-tax Act, 1961 - Unexplained investments - Tribunal held that seventy per cent of value of goods was covered by loan advanced by bank itself, and therefore, it reduced addition of unexplained investment to thirty per cent of unaccounted stock - Whether question as to whether Tribunal had any material or evidence to arrive at abovesaid conclusion, was question of law to be referred - Held, yes JUDGMENT U.N. Bhachawat, J. -This is an application on behalf of the Department under s. 256(2) of the I.T. Act, 1961 (for short, hereinafter referred to as "the Act"), for framing the following question: "Whether, on the facts and in the circumstances of the…

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