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Judgment
The Revenue has raised the following question for the opinion of this Court under s. 256(2) of the IT Act :
"1. Whether, in the facts and circumstances of the case, the Tribunal was correct in confirming the order of the CIT(A) according to which initial funds availability was worked out at Rs. 1,53,431 in asst. yr. 1968-69 when there was no material on record to justify it ?
Whether the Tribunal was correct in law in confirming the order of the CIT(A) that unexplained investment in purchase of bank drafts for the purposes of s. 69A of the IT Act, 1961 worked out by applying Peak Credit Methods when each and every investment was found to be unexplained ?
Whether, in absence of any material on record to prove rotation of money invested in purchase of bank draft, the Tribunal was correct in directing that for the purposes of s. 69A the unexplained investments be taken on the basis of formula spelt in paras 21 and 22 of order dt. 30th September, 1986 of the CIT(A) ?"
This order will also govern ITA Nos. 149 to 155 of 1992, relating to the asst. yrs. 1969-70 to 1975-76, in which similar questions have been raised.
Upon perusal of the Tribunals order, we are of the view that no statable question arises from any of the applications and, therefore, the applications are rejected. No order as to costs.