2012 (6) TMI 32

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....enging the order dated 16.11.2011 passed by the Income Tax Appellate Tribunal in ITA No.50/Agr/2011 relating to assessment year 2007-2008, the Revenue has filed the present appeal under section 260-A of the Income Tax Act. In the memo of appeal, the following questions of law have been sought to be raised:   1. Whether on the facts and circumstances of the case the ITAT was correct in dele....

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....ssessee for the same. 4. Whether under the facts and circumstances of the case Hon'ble ITAT, Agra was correct in deleting the addition of Rs.2,45,594/- on account of the wastage claimed. Ignoring the fact that there were no business activities at all during the relevant assessment year. During the assessment proceeding relating to the assessment year 2007-2008, the Assessing Officer accepted....

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....has dismissed the appeal. Shri Dhananjai Awasthi, learned counsel for the appellant submits that the two authorities below were not justified in deleting the additions made under section 68 of the Income Tax Act. His submissions is that these transactions were cash transactions and the assessee had obtained the benefits of these transactions and therefore, the Assessing Officer was justified in ma....

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....ound credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited may be charged to income-tax as the income of the assessee of that previous year. The phrase "previous year" is very relevant. Th....