2010 (8) TMI 17

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....STICE MANMOHAN JUDGMENT MANMOHAN, J 1. The present Appeal by the Income Tax Department has been filed under Section 260 A of the Income Tax Act,1961 (for brevity "Act 1961") challenging the order of Income Tax Appellate Tribunal (in short "ITAT") in ITA No. 3242/DEL/2007 dated 12-12-2008 for the Assessment Year 2003-2004. By the impugned order, ITAT has deleted the addition of Rs. 27,60,0....

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....ed in the books of accounts. Respondent-assessee further contended that sale of such stock and scrap was also recorded during the regular course of business after the survey operation. 3. An appeal was filed by the respondent assessee against the order of AO before Commissioner of Income Tax (Appeals) [for short "CIT(A)"] and it was observed by the CIT(A) that there was excess valuation of Rs 4....

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....sel for the appellant submitted that ITAT had erred in law in deleting the addition of Rs 27, 60,000/- made by the AO on account of unexplained investment in excess stock and scrap surrendered by the assessee during the course of survey operation. Ms Chopra further submitted that assessee had not produced any material on record to dislodge the findings of AO. 6. We are of the view that as the a....