2002 (11) TMI 258

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....Following grounds have been raised in this appeal: "1. On the facts and in the circumstances of the case, learned Dy. CIT(A)-II, N. Delhi, has erred in deleting the addition of Rs. 37,000 made by the AO on account of unexplained investment in purchase of ball-bearings. 2. On the facts and in the circumstances of the case, the learned Dy. CIT(A) has erred in admitting evidence in contraventio....

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....The assessee came in appeal before the CIT(A) and it was submitted that assessee-firm came into existence w.e.f. 1st April, 1993, and prior to it the same business was proprietary concern of Mr. Suresh Jain. Ball-bearings were having short span and were of revenue nature, the cost of the same being debited to repair and maintenance account. As the ball-bearings were old and lying for so many years....