2012 (2) TMI 351

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....he Revenue under Section 260A of the Income Tax Act, 1961 („Act‟, for short) impugns the order dated 16.2.2010 passed by the Income Tax Appellate Tribunal („Tribunal‟, for short). By the impugned order, the Tribunal has rejected the appeal filed by the Revenue against the order of the Commissioner of Income Tax (Appeals) deleting the addition of Rs.1,63,37,365/- made by the....

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....he assessment order. These facts/grounds, it is apparent, were not relied upon before the Tribunal. The assessee had no occasion to answer or contest the said contentions. The assessment order dated 29.12.2008 records as under : "On 10.12.2008, the authorized representative Shri B. L. Aggarwal attended and he has been intimated about the no response from M/s. Makkar Traders and above the return of....

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....assessee company was asked to submit a copy of profit and loss account of M/s. Makkar Traders for the financial year in which it had done business for an amount of Rs.1,63,37,365/-. This the assessee company failed to do and the Authorized Representative did not attend the office of undersigned to submit requisite details." 4. The CIT(Appeals) called for the assessment record and found that sever....

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....ssessee had also furnished copy of the ledger account of Makkar Traders from 1st April, 2006 to 31st March, 2007. This ledger account has been produced before us also. Thus the latest address as well latest position of the account was furnished to the Assessing Officer. The relevant portion of the assessment order, quoted above, shows that the Assessing Officer did not refer to the said ledger acc....