2010 (11) TMI 777

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....ome-tax Act, 1961 (for short "the Act'"), has been filed by the assessee against the order dated October 31, 2007, passed by the Income-tax Appellate Tribunal, Chandigarh Bench "A", Chandigarh (in short "the Tribunal"), in I. T. A. No. 18/Chandi/2001, relating to the block period from April 1, 1988 to September 22, 1998.   2. The assessee has claimed the following substantial questions of ....

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....n. On September 22, 1998, a search operation was carried out at the residential premises of the assessee under section 132(1) of the Act, and pursuant thereto a notice under section 158BC was served on him. Assessment was framed, vide order dated September 29, 2000, annexure A-1. While framing the assessment the assessing authority made additions on various counts, but the assessee disputed only t....

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....he only point that arises for consideration in the appeal is, whether the addition which has been made by the Assessing Officer on account of unexplained investment in miscellaneous items amounting to Rs. 3,18,000 and affirmed by the Commissioner of Income-tax (Appeals) and upheld by the Tribunal, is valid or not. The Assessing Officer had made this addition of Rs. 3,18,000 on the ground that in t....

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....ddition has been rightly sustained by the learned Commissioner of Income-tax (Appeals)."   7. Learned counsel for the assessee was unable to point out that the findings concurrently recorded by the Assessing Officer, the Commissioner of Income-tax (Appeals) and the Tribunal while sustaining the addition of Rs.3,18,000 were erroneous or perverse in any manner. Only an effort was made by the....