2008 (11) TMI 699

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..... the order of learned Income-tax Appellate Tribunal, Chandigarh Bench B , Chandigarh passed in ITA No. 248/Chd./2006, dated 18-5-2007 for the assessment year 2003-04 proposing to raise following substantial question of law :- (i) Whether on the facts and in the circumstances of the case, the Tribunal is right in law in deleting the addition of ₹ 29,50,950 made on account of value of exc .....

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..... cotton was found by the representative of Market Committee, over and above the stock entered in the books of account. The said stock was liable to be added to the income. The assessee explained that there was no excess stock and even the Market Committee did not assess fee on the alleged excess stock, though by way of compromise, the assessee paid the sum of ₹ 13,200 towards market fee. The .....

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..... rd register (inward serial No. of mandi missing, goods having not purchased through auction). Similarly, the purchases of 770.20 quintals and 671.80 quintals are entered as purchases from M/s. Singla Enterprises at purchase book on 24-12-2002 and 25-12-2002. The entries in gate book of date 24-12-2002 and 25-12-2002 (with no serial number of auction etc.) are found. Accordingly, I am of the opinio .....

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