2012 (12) TMI 573

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....p;  a) "Whether on the facts and circumstances of the case and in law, the Tribunal was right in deleting the additions of Rs. 53,98,229/- and Rs.2,26,507/- made in the block assessment order for the periods relevant to A.Y. 1996-97 and 1998-98 (i.e. 01.04.1997 to 14.10.1997) forming part of the block period 01.04.1992 to 14.10.1997?" 3. Mr. Malhotra, Counsel appearing for the appellant very fairly states that he is not challenging the deletion of Rs.2,26,507/- made by the Tribunal in respect of the block assessment order relevant to the Assessment Year 1998-99. Therefore, the only issue which is being pressed by the revenue is with regard to the deletion of Rs.53,98,229/- made in the block assessment order relevant to the Assessment ....

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....mount of Rs.41,51,082/. In view of the above, the Commissioner of Income Tax (Appeals) by his order dated 01.01.2001 allowed the respondent's appeal holding that once the profit disclosed in the seized balance sheet has been taken into account, there is no occasion for making an addition of closing stock as shown in that very Balance Sheet over and above the profits which has already been offered to tax. Further, it was also held that the addition of Rs. 53,98,229/- was not supported by any other evidence or material found during the search or gathered during the block assessment proceeding. Therefore, the addition of Rs.53,98,229/- was deleted by the order dated 01.01.2001 of the Commissioner of Income Tax (Appeals). 6. In second appeal, ....