2013 (3) TMI 30

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....S. Agarwal,S. K. Garg ORDER The present appeal has been filed under Section 260 (A) of the Income Tax Act, 1961 (hereinafter referred to as the 'Act') against the order dated 29.6.2001 passed by the Income Tax Appellate Tribunal, Lucknow Bench, Lucknow (hereinafter referred to as the 'Tribunal'). The Appeal has been admitted on 25.4.2007 on the substantial question of law No.2 framed in the....

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....at certain bank drafts amounting to Rs.6,39,656/- was not entered by the assessee in the books of account. The Assessing Officer treated the investment made in purchase of those bank draft as investment. Accordingly, he added the same under Section 69 of the Act. He also assessed extra profit of 4% on the aforesaid transaction and added the same to the income of the assessee. Feeling aggrieved the....

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....ments so filed and was accepted. The addition of Rs. 6,39,667/- was deleted. The Revenue feeling aggrieved filed an appeal before the Tribunal. The Tribunal had dismissed the appeal. We have heard Sri Shambhu Chopra, learned Senior Standing Counsel for the Revenue. Sri Ashish Bansal has appeared for the respondent assessee. Sri Chopra submitted that in the Assessment Year 1986-87, it is unbe....