9911796707
TMI Blog2018 (9) TMI 1178X X X X Extracts X X X X X X X X Extracts X X X X ..... the order of the Income Tax Appellate Tribunal (ITAT) dated 06.10.2004 has been impugned; the relevant Assessment Year is the block period 1987-88 to 1997-98. At the outset, the Court noticed that though the appeal has been pending over 14 years, no question of law was framed. This appears to be on account of the fact that the present appeal was tagged along with ITA 224/2003 and certain other co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al Singh Sood), who is an employee of Sh. Sunil Aggarwal. He too was subjected to income tax proceedings. In the assessment order by the AO under Section 158BC of the Act, two amounts - of Rs. 86 lakhs and Rs. 41 lakhs were added. Mr. Sunil Aggarwal and the assessee (respondent in this case) opposed the appeal before the Tribunal. The Tribunal set aside the amounts brought to tax. The present asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the AO. It was held that the explanation given by the Assessee in respect of the said sum of Rs. 86 lakhs also ought to have been accepted by the AO. The AO had not doubted the sales and purchase figures or the fact of cash sales having been made. It was accordingly held that the addition of Rs. 86 lakhs was not justified." In the light of the above, it is quite evident that the sum of Rs. 86 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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