JUDGEMENT

(PER : HONOURABLE MR.JUSTICE KS JHAVERI)

1. By way of this appeal, the appellant has challenged the judgment and order dated 20.11.2002 passed by the Income Tax appellate Tribunal, Ahmedabad Bench ‘A’, Ahmedabad in ITA NO. 2985/Ahd/96.

2. While admitting the appeal, this Court has framed the following substantial questions of law:

“(1).

Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is right in law and on facts inholding that the amount of rs.11,75,602/- cannot be added as undisclosed investment in the stock under Section 60 of the Income-tax Act on the ground that the statements submitted to the Bank were merely on estimate basis and the same cannot be taken as true at their face value ? (2) Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is right in law and on facts in coming to the conclusion that the onus is on the Assessing Officer to prove the difference in the statements submitted to the Bank and the account books submitted during the assessment proceedings, and not on the assessee to explain the said diffe