S.C : The assessee has received unaccounted receipts, was justified in law in holding that the AO has to discharge the onus in respect of on-money by showing that the assessee has invested Rs. 1,58,59,400 out of such receipts whereas the claim of the assessee for extra expenditure was found to be incorrect

Supreme Court Of India

CIT vs. Abhishek Corporation

S.P. Bharucha, C.J.; Shivaraj V. Patil & Arijit Pasayat, JJ.

Section 256(2)

Civil Appeal No. 8176 of 2001

29th November, 2001

Counsel Appeared

Mukul Rohtagi with Ms. Neera Gupta & B.V. Balaram Das, for the Appellant : H.A. Raichura, Ms. S.H. Raichura & Shailendra Singh, for the Respondent

JUDGMENT

BY THE COURT : Delay condoned. Leave granted.

The High Court declined to call for a reference, inter alia, of the following question : “Whether, on the facts and circumstances of the case, the Tribunal, having held that the assessee has received unaccounted receipts, was justified in law in holding that the AO has to discharge the onus in respect of on-money by showing that the assessee has invested Rs. 1,58,59,400 out of such receipts whereas the claim of the assessee for extra expenditure was found to be incorrect ?” It did so on an appreciation of evidence and based on certain judgments of that High Court.

4. We have seen the relevant portions of the order of the Tribunal from which the question has arisen. We think that the question does require the consideration of the High Court. We do not, however, express any view on the merits of the case on either side.

The civil appeal is allowed. The order under challenge is set aside, in so far as it relates to question No. 2 before the High Court. The said question (quoted above) shall stand referred to the High Court for its consideration and the Tribunal shall draw up an appropriate statement of case.

No order as to costs.

[Citation : 255 ITR 45]