Law:

Section:

Section 69A, read with section 256 of the Income-tax Act, 1961 - Unexplained moneys - Whether question as to whether Tribunal was justified in holding that one 'M' was benamidar of appellant and not a co-sharer of land and building in terms of unregistered agreement, was question of law - Held, yes - Whether question as to whether Tribunal was justified in treating investment in land and building made by 'M' as undisclosed income of appellant ignoring agreement to purchase land, was question of law - Held, yes FACTS The Tribunal held one 'M' was a benamidar of the appellant and not a co-sharer of land and building in terms of the unregistered agreement. The Tribunal treated the investment in land and building made by 'M' as loan to the appellant and further rejected the investment treating it as undisclosed income of the appellant, ignoring the agreement to purchase land. On application under section 256(2) : HELD The question of law did arise from the Tribunal's order. JUDGMENT R.K. Gulati, J.-Having heard learned counsel for the parties, we are satisfied that the following two questions of law do arise out of the order of the Income-tax Appellate Tribunal : "1.Whether, under the facts and circumstances of the case, the Income-tax Appellate Tribunal was justified in holding that Shri Mukesh…

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