9911796707
TMI Blog2001 (9) TMI 35X X X X Extracts X X X X X X X X Extracts X X X X ..... al under section 260A of the Income-tax Act, 1961, has been filed against the order of the Income-tax Appellate Tribunal, Jaipur, dated October 26, 1998. This court by order dated March 8, 2000, found the following substantial question of law involved to be decided in this appeal: "Whether the Tribunal was right in deleting the addition of Rs. 6,26,668 on account of under-invoicing simply on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... seized during the course of search operations. The assessing authority called upon the respondent-assessee to explain the entries in the account books/papers/documents seized. The assessee was asked to explain the values. Considering the explanation given by the assessee, the Assessing Officer made addition for unexplained and unrecorded sales. He also made an addition for unexplained deposits in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... located at Ramganjmandi. The Tribunal held that the concerned sales should not be incorporated in the assessee-firm. On grounds Nos. 2 and 3, the Tribunal found that most of the amounts pertained to other associated concerns. Some of the amounts were considered twice. Some amounts did not represent the sale at all and some of the amounts did not pertain to the year under consideration. Considering ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arg Granites Pvt. Ltd., in I.T.A. No. 1367/JP of 1997 and Garg Marmo Tiles Pvt. Ltd. in I.T.A. No. 2092/JP of 1996. The Tribunal also observed that the addition has to be restricted only to the seized material. It was further observed that in the absence of material and on account of the fact that the addition was based on presumption, the addition was liable to be deleted. In our view, the Tribu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peal, set aside the orders of the Tribunal and the Commissioner of Income-tax (Appeals) as well as the assessing authority to the extent it pertains to the addition of Rs. 6,26,668 and direct the assessing authority to readjudicate the subject return afresh after hearing the parties and taking into consideration the material which came to the light during the course of the search and seizure proce ..... X X X X Extracts X X X X X X X X Extracts X X X X
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