2013 (2) TMI 43

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.... Rakesh Ranjan Agrawal & Suyash Agrawal   Delivered by Hon'ble Ram Surat Ram (Maurya),J 1. Heard Sri Shambhu Chopra, Senior Standing Counsel for the appellants and Sri Rakesh Ranjan Agrawal, the counsel for the respondent. 2. This appeal has been filed, under Section 260-A of the Income Tax Act, 1961 (hereinafter referred to as the Act) from the order of the Income Tax Appellate Trib....

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....nd engaged in the business of manufacture and sale of yarn. The assessee, in the capacity of the company, filed Income Tax Return on 30.06.1984 declaring loss of Rs. 16,96,220/-. The assessment order was made on 25.03.1987 at the income of Rs. 17,40,670/. The assessee filed an appeal from the aforesaid order before CIT (A), Bareilly who by order dated 22.02.2008 partly allowed the appeal. The asse....

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....essed the total income of Rs. 93,23,240/- The assessee filed an appeal from the aforesaid order before CIT (A) which has been dismissed on 20.11.1999 in default. The assessee filed an appeal from the aforesaid order before the Tribunal which was allowed by order dated 27.09.2001 and the appeal before CIT (A) was restored. Thereafter the matter was heard on merit by CIT (A) who by order dated 26.09....

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....n entries and there was neither actual hundies nor actual sale took place. The case set up by the assessee was apparently false. The Assessing Officer and CIT (A) have disbelieved the case of the assessee. The Tribunal has illegally set aside the findings of the Assessing Officer and CIT (A) without any basis. 5. In reply to the aforesaid arguments, the counsel for the respondent submitted that....