AJIT K. SENGUPTA, J.

( 1 ) IN this reference under Section 256 (2) of the Income-tax Act, 1961, for the assessment year 1974-75, the following question of law has been referred to this court :"whether, on the facts and in the circumstances of the case and having regard to the fact that the assessee-company claimed before the Income-tax Officer that the unexplained deposits represented short-term loans advanced by one M/s. Hukumchand Santalal of Post Office Sonada, Darjeeling, the Tribunal was justified in holding that the cash credit appearing in the books of the assessee amounting to Rs. 1,28,639 should be treated as income of the assessee-company from its tea business thus allowing the benefit of exemption under Rule 8 of the Income-tax Rules, 1962, even though the assessee did not discharge the onus of proving the source of the deposits ?"

( 2 ) WE reframe the question as follows :"whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the cash credit appearing in the books of the assessee amounting to Rs. 1,28,369 should be treated as income of the assessee-company from its tea business ?"

( 3 ) SHORTLY stated, the fact is that t

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