9911796707
TMI Blog2006 (5) TMI 76X X X X Extracts X X X X X X X X Extracts X X X X ..... uld be made a basis for addition in a block assessment. – view taken by the Incometax Appellate Tribunal turns entirely on the appraisal of the material and evidence on record and does not give rise to any question of law - - - - - Dated:- 4-5-2006 - Judge(s) : T. S. THAKUR., SHIV NARAYAN DHINGRA. JUDGMENT The judgment of the court was delivered by T. S. THAKUR J.-A search and seizure operation under section 132 of the Income-tax Act, 1961, was conducted by the Revenue agencies on the premises of the assessee on November 29, 1995, which continued up to February 12, 1996. Based on the evidence collected in the course of search, a block assessment under section 158BC was made in tenns of an order dated February 28, 1997. The Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n with which we are concerned is a sum of Rs. 2,17,052 on account of proportionate interest which the Assessing Officer charged on the amount advanced to M/s. Agarwal Gases. According to the Assessing Officer, since, no transactions had taken place with M/s. Agarwal Gas Agency, there was no question of advancing any amount to them. Aggrieved by the additions mentioned above, the assessee appealed to the Income-tax Appellate Tribunal who has upon an appreciation of the available material deleted the additions and granted relief to the assessee. The Tribunal was of the view that in the course of search, the Revenue authorities had seized trust receipts which according to it supported the version given by the assessee regarding advance of ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee is a pure and simple question of fact. So also the question whether any transaction had taken place between the assessee and M/s. Agarwal Gas Agency was a question of fact. The Tribunal has correctly held that the transactions were disclosed by the assessee in the return which was accepted in terms of the assessment order passed under section 143(3) of the Act. Besides, no incriminating material was found in the course of search which could be made a basis for addition in a block assessment. Suffice it to say that the view taken by the Incometax Appellate Tribunal turns entirely on the appraisal of the material and evidence on record and does not give rise to any question of law, much less a substantial question of law for our determinat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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