9911796707
TMI Blog2008 (3) TMI 65X X X X Extracts X X X X X X X X Extracts X X X X ..... the reasons given by assessing authority – matter needs reconsideration by Tribunal, so that the Tribunal shall pass reasoned order in accordance with law - impugned order passed by ITAT cannot be sustained in law - 41 of 2007 - - - Dated:- 19-3-2008 - M. Y. EQBAL and D. K. SINHA JJ. JUDGMENT M. Y. EQBAL J.— 1. This appeal under section 260A of the Income-tax Act, 1961, by the Revenue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nformation contained in the floppy referred to as the floppy mal account and an addition of Rs. 13,00,000 was made from credit entry in the account of M/s. Shyam Engineering. The assessee preferred an appeal before the Commissioner of Income-tax (Appeals), who in terms of the order dated October 15, 2001, passed in Appeal No. 248/JSR/99-2000 set aside the assessment and remanded back the matter fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te Tribunal which was dismissed by passing the impugned order. Hence, this appeal. 3. We have heard Mr. K. K. Jhunjhunwala, learned counsel appearing for the appellant, and Mr. Binod Poddar, learned counsel appearing for the respondent. 4. From a perusal of the assessment order as also the order passed in appeal, it is apparent that the authorities have considered the facts of the case in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is much less than that of offered for taxation. Even assuming but not admitting that the entries are found in the document marked P-70 of bunch 11-21 found during the course of search and seizure operation but they are not supported by any independent material. Thus, we find that the amount of addition is Rs. 5,91,008 (Rs. 2,94,605 + Rs. 2,96,403) whereas the amount offered for taxation is Rs. 14 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The impugned order passed by the Tribunal, therefore, cannot be sustained in law. 6. For the reasons aforesaid, this appeal is allowed and the impugned order passed by the Income-tax Appellate Tribunal, Circuit Bench, Ranchi, is set aside and the matter is remanded back to the Tribunal for deciding the appeal afresh by passing reasoned order after meeting the reasonings given by the assessin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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