9911796707
TMI Blog2007 (2) TMI 168X X X X Extracts X X X X X X X X Extracts X X X X ..... JUDGMENT The Judgment of the court was delivered by [V. B. GUPTA, J.]-1. Present appeal has been filed under Section 260A of the Income Tax Act, 1961 (in short 'Act') against the order dated 23rd December, 2005 passed by the Income Tax Appellate Tribunal (in short 'Tribunal'). 2. Brief facts are that a search under Section 132(1) of the Act was conducted on 7th August, 1997 at the business premises of the Assessee firm and also the residential premises of its partners. The Assessee firm is engaged in the business of sale and purchase of timber/plywood. Consequent to the search, a notice under Section 158BC of the Act dated 28th April, 1992 was issued by the Assessing Officer requiring the Assessee to file its return of income for the bl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e inventory was prepared by the Departmental Officer with the aid and assistance of the Assessee's partner Sh. Samir Chawla and its perusal reveals that it contains description of each and every piece of wood available at the premises of the Assessee. The Assessing Officer further observed that the Assessee has not been maintaining any stock register for any of the financial years comprised with the block period and the closing stock was being worked out by the Assessee only as a balancing figure. However, Assessing Officer found force in the plea of the Assessee that certain errors had crept in the inventory prepared by the search party. 4. The Assessee being aggrieved with the order of Assessing Officer filed an appeal before Commissione ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mir Chawla, partner of the Assessee firm whose statement was recorded on the date of search. Sh. Samir Chawla in his statement states that he has no idea as to how much stock in quantity and in value is lying in the premises. Further, in reply to question "How do you value the stock?", he stated, "I do not have any idea." So the Assessee was not maintaining any stock register at the time of the search and this aspect has been dealt with the Assessing Officer in his order. The relevant portion of the order of the Assessing Officer read as under:- "It is an admitted position that the Assessee has not been maintaining any stock register and that for any of the financial years and that the closing stock has been worked out only as a balancing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. As already held above, the Assessee has not been maintaining any register and the closing stock has been worked out by the Assessee only as a balancing figure, so under these circumstances the inventory prepared by Assessee after the date of search has no meaning.
10. Accordingly, we hold that there is no infirmity in the order passed by the Tribunal. Thus, the order of Tribunal does not give rise to a question of law, much less a substantial question of law, to fall within the limited purview of Section 260-A of the Income Tax Act, which is confined to entertaining only such appeal against the order which involves a substantial question of law.
11. Accordingly, the present appeal is, hereby, dismissed. X X X X Extracts X X X X X X X X Extracts X X X X
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