2010 (10) TMI 756

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..... Appeal is allowed by way of remand to Tribunal - IT APPEAL NO. 37 OF 2002 - - - Dated:- 14-10-2010 - ADARSH KUMAR GOEL AND AJAY KUMAR MITTAL, JJ. T.K. Joshi for the Appellant. Ashok Aggarwal and S.K. Mukhi for the Respondent. ORDER Adarsh Kumar Goel, J. This order will dispose of ITA Nos. 37 and 38 of 2002, as common questions have been raised in both the appeals. 2. .....

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..... ii) Whether in the facts and circumstances of the case, the ITAT was right in deleting the addition, when the power of estimation is inherent in section 143(3) itself and the Assessing Officer was duty bound to estimate the income in the circumstances of the case? (iii) Whether in the facts and circumstances of the case, the ITAT was right in allowing depreciation and excise duty for the asses .....

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..... and, thus, the substantial question of law which arises for consideration is: Whether in the facts and circumstances of the case, the assessment based on material found during search could be set aside on the ground that section 145(2) was not applicable? 4. We allow question (i) to be modified accordingly. 5. Learned counsel for the assessee states that he is not ready to p .....

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