TaxTMI 
TaxTMI 
2009 (11) TMI 105
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....s appeal preferred by the appellant-Revenue under section 260A of the Income-tax Act, 1961 (for short "Act"), against the order of the Income-tax Appellate Tribunal, Nagpur (for brevity "the Tribunal") dated March 31, 1999, has been admitted for hearing on the following substantial question of law : "Whether, on the facts and circumstances of the case, learned Tribunal was justified in upholdin....
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....noted in the books of account on September 5, 1994, and the stock found during survey proceedings was sought to be explained by) the assessee by producing photo copy of the cash memos received by him from M/s. Harish Kumar Trading Co. and M/s. Ramchandra Shyam Bihari Goyal, however, the above explanation was rejected by the Assessing Officer. The Commissioner of Income-tax (Appeals) further held t....
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....nd, therefore, production of subsequent cash receipts for the undisclosed stock is an afterthought and both the appellate forums below have accepted the explanation of the assessee without considering this aspect. 4. On the other hand, Mr. Dubey, learned counsel appearing for the assessee would argue that the explanation offered by the assessee and accepted by the appellate forums is a question....
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....t to excess stock found during the survey proceedings that the same were purchased by him from two dealers of Rajasthan and the same were received on September 5, 1994, however, the same could not be entered into the stock register as the son of the assessee, who looks after the assessee's business, was out of station in connection with treatment of his mother, was accepted by both the appellate f....