2013 (7) TMI 292

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....the order of the Income-tax Appellate Tribunal dated January 28, 2012, the Revenue has chosen this tax appeal proposing the following questions of law for our consideration under section 260A of the Income-tax Act, 1961 ("the IT Act" for short) : "Whether, on the facts and in the circumstances of the case and in law, the hon'ble Income-tax Appellate Tribunal was legally justified in holding tha....

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....f income filed for the assessment year 2005-06 over and above the regular income. During the course of the survey, the statements of 7 subcontractors out of total 12 sub-contractors were recorded. They have stated in their statements that they were employees of M/s. Vraj Diamonds, one of the proprietary concerns. The Assessing Officer observed that these deemed sub-contractors in fact, were the....

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....l income during the assessment year under appeal. This aggrieved the Revenue and when challenged by the Revenue before the Appellate Tribunal, it confirmed the order of the Commissioner of Income-tax (Appeals). The Tribunal was of the opinion that section 41(1) of the Income-tax Act could be invoked only when there is remission or cessation of liability. It had also been found by the Tribunal f....