JUDGMENT :

Shah, J.

1. The High Court of Judicature at Bombay answered in the affirmative the following two questions which were referred by the Income Tax Appellate Tribunal, Bombay, under Sections 66(2) of the Income Tax Act:

(1) Whether on the facts and in the circumstances of the case the Tribunal was justified in law in adding to the total income of the assessee the sum of Rs. 1,45,706 and/or Rs. 48,185 or any part thereof?

(2) Whether there was any material on record to support the finding that Rs. 1,45,706 and/or Rs. 48,185 or any part thereof represent the income of the assessee?

With special leave the assessees, Messrs C. Vasantlal & Co. have appealed to this Court.

2. The assessees carried on business as Commission Agents and brokers and also in forward transactions in cotton, bullion and other commodities. In the course of proceedings for assessment of income tax of the assessees, for the Assessment Year 1947-48, two entries in the assessees books of accounts for Samvat 2002 (which was the previous year for the purpose of assessment) showing payments of Rs. 48,185 & Rs. 1,45,706 to Messrs Meghaji Kapurchand and Messrs Bhimaji Motiji respectively were noticed by the Income Tax