9911796707
TMI Blog2011 (9) TMI 82X X X X Extracts X X X X X X X X Extracts X X X X ..... enue’s appeal against such addition stands dismissed and the assessee has chosen to file the present appeal after the decision in appeal of revenue. - It is not a bona-fide appeal as well. - Appeal dismissed. - ITA No.117 of 2011 (O&M) - - - Dated:- 22-9-2011 - MR. JUSTICE HEMANT GUPTA, MR. JUSTICE JASWANT SINGH, JJ. Mr. Pankaj Gupta, Advocate, for the appellant. H EMANT GUPTA, J. The assessee is in appeal under Section 260A of the Income Tax Act, 1961 (for short the Act ) arising out of an order passed by the Income Tax Appellate Tribunal, Chandigarh Bench, Chandigarh (for short the Tribunal ) dated 29.04.2009. The assessee has claimed the following substantial questions of law: (i) Whether on the facts and in law ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of sales through 17 sale bills amounting to Rs.1,11,99,427/- and affirmed the finding that such sales were made outside the books of accounts. However, it held that there is no justification to infer that the assessee would have undertaken sales outside the books of account during the rest of the financial year also, therefore, the assessment of unrecorded sales were limited to Rs.1,11,99,427/- representing 17 unrecorded sale bills alone. The Tribunal partly granted relief, when it made addition of Rs.20 lacs on account of unexplained investment made towards the working capital as against Rs.71,07,100/- added by the Assessing Officer and upheld by the Commissioner of Income Tax. The Revenue preferred an appeal bearing ITA No.670 of 2009 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The learned Tribunal modified the findings of the Assessing Officer and that of the Commissioner of Income Tax and restricted the addition to the extent of unrecorded sales to the tune of Rs.1,11,99,427/-. In view of the said modification of the findings, it found that level of sales made outside the books of accounts have been reduced, therefore, it would be proper that an addition of Rs.20 lacs on account of unexplained investment made towards the working capital, would meet the ends of justice. The Tribunal has reduced the addition of Rs.71,07,100/- to Rs.20,00,000/- keeping in view the sales made outside the books of accounts. The extension of such benefit does not raise any substantial question of law as such benefit has been extende ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
