2006 (1) TMI 50

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..... /2001. 2 The question that arises for consideration in this appeal is, whether the appeal involves any substantial question of law out of the impugned order of the Tribunal or, in other words, whether the two questions proposed by the appellant involves any substantial questions so as to admit the appeal? It is not in dispute that the pre-requisite of admitting any appeal under section 260A of the Income-tax Act is to find out involvement of substantial question of law. 3 Heard Shri P. M. Choudhary, learned counsel for the appellant. 4 Having heard learned counsel for the appellant and having perused the record of the case, we are of the view that the appeal does not involve any substantial question of law as is required to be .....

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..... . Since, the assessee has failed to furnish any satisfactory explanation about the same the Assessing Officer had no option but to apply the provisions laid down under section 69 of the Act treating the investment as unexplained. The assessee has failed to improve its case even before the Tribunal and thus I do not find any reason to interfere with the first appellate order in the absence of any satisfactory explanation of the assessee. The addition is upheld. The ground is thus rejected." 6 It is against this order, the assessee is in appeal. 7 In our opinion, once the Commissioner of Income-tax (Appeals) and then, lastly, the Tribunal have taken the view in relation to particular addition/deletion and accordingly, made certain di .....

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..... s of each case. What constitutes a question of law, has got to be seen with reference to facts of each case. As observed supra, the question involved is essentially a question of fact involving no interpretation of any section/rule and circular of the Act in question, nor it involves any question of public importance. When admittedly, the assessee failed to maintain the stock register in the course of his business then naturally all adverse consequences flowing from such non-maintenance must follow. In our view, it is obligatory for the assessee to maintain the stock register so that one is able to ascertain the actual position of stock lying with the assessee in which he is trading. In such circumstances, the Assessing Officer has every ri .....

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