9911796707
TMI Blog2002 (4) TMI 9X X X X Extracts X X X X X X X X Extracts X X X X ..... ommitted error in taking the debit side only, he could take into account the peak credit. This contention was accepted and worked out the peak credit of Rs. 48,000 out of the addition of Rs. 78,000 made by the Assessing Officer. Thus, the Tribunal sustained the addition only to the extent of peak credit of Rs. 48,000 - Held that no referable question arises from the order of the Tribunal – Revenue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... March 19,1983, in a routine manner. On the basis of certain incriminating documents seized in the course of a search, the assessing authority opined that there was an escapement of income. Accordingly, he issued a notice under section 148 and found that there was unexplained investment in money-lending business during the period May 24, 1980, to November 1, 1980, aggregating to Rs. 78,000. Thus, a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... kh Poonamchand on March 9, 1980, and March 17, 1980, by the assessee. The addition was confirmed by the Commissioner of Income-tax (Appeals). It is significant to notice at this stage that the Deputy Commissioner (Appeals) by order dated November 4, 1992, deleted the addition of Rs. 50,000 for the assessment year 1980-81. In view of this fact, the Income-tax Appellate Tribunal deleted the addition ..... X X X X Extracts X X X X X X X X Extracts X X X X
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