2013 (2) TMI 45

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....been filed under Section 260 (A) of the Income Tax Act, 1961 (hereinafter referred to as the 'Act') against the order dated 26.2.2010 passed by the Income Tax Appellate Tribunal, Allahabad (hereinafter referred to as the 'Tribunal'). The Commissioner of Income Tax, Allahabad has proposed the following substantial question of law said to be arising out of the order of the Tribunal: - "1. Whether....

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....e as follows: - The appeal relates to the assessment year 2003-04. The respondent assessee is engaged in the business of purchase and sale of gold ornaments and silver ornaments. While making assessment for the assessment year 2004-05,, it was noticed by the Assessing Officer that the return of income for the assessment year in question was not filed and hence, purchase of gold ornaments amount....

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....ls), Allahabad vide his order dated 7.7.2009 had accepted the explanation given by the assessee. He had held that in the sales tax assessment, the assessee had disclosed the purchases for the relevant assessment year to the extent of Rs. 3,12,817/- and for the previous years it was disclosed at Rs. 12,32,997/-. Thus, no adverse inference can be drawn that the assessee had made purchases worth Rs. ....