TaxTMI 
TaxTMI 
TaxTMI 
2013 (10) TMI 838
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.... in the theory of peak credits? (B) Whether on the facts and circumstances of the case, the appellate Tribunal is justified in allowing the peak cash credit theory without there being nexus between the inflow and outflow of the cash? (C) Whether on the facts and circumstances of the case, the appellate Tribunal is justified in affirming the view of the CIT (Appeals) in deleting the addition of Rs.10,50,000/- as undisclosed income, in spite of there being no material on record to substantiate that the advances rotated with the traders had nexus with the squared-up amounts? (D) Whether on the facts and circumstances of the case, the appellate Tribunal is justified in reducing the addition made on acco....
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....n agreement with the views expressed by the learned Tribunal on this issue. Next question relates to deletion of addition of Rs.10,50,000/-. The learned Tribunal found that the assessee has disclosed a sum of Rs.10,50,000/- and this factum of disclosure is not in dispute. Therefore, the addition of the aforesaid amount of Rs.10,50,000/- would amounts to double addition. The learned Tribunal while affirming the judgment of CIT (Appeals) has come to the conclusion that deletion of addition of Rs.10,50,000/- is justified, since the same was already disclosed by the assessee in the block return. Next question is addition of Rs.1,13,500/-. It appears that the Tribunal came to the conclusion on fact that the assessing officer has already deduct....
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....ded again. Therefore, on fact, the learned Tribunal had correctly reduced the addition to Rs.2,91,748/- in case of Rs.3,23,748/-. We do not find any flaw in this. Next point relates to the addition of Rs.4,67,909/- on account of investment in M/s. G.K. Cold Storage. The learned Tribunal found on fact that the search operation was conducted in the premises of the assessee on 24.02.1999, which was concluded on 02.04.1999. The assessee filed the balance sheet of G.K. Cold Storage before the assessing officer on 28.08.2000 in the course of block assessment proceedings. The learned Tribunal found that no material was found during the course of search operations with regard to addition of Rs.4,67,909/- and correctly applied the law, namely; Sect....
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.... the statements recorded from debtors. The statements recorded by the assessing officer clearly establish that what was omitted by the assessee is only two zeroes and not three zeroes." On the basis of the above fact finding, the learned Tribunal did not accept the order of the Commissioner of Income Tax (Appeals) and accordingly set aside the said order directing the assessing officer to re-compute the income of the assessee after adding two zeroes to the figures mentioned in circle in coded form in the seized note book. The aforesaid fact finding does not call for any interference by this Court in exercise of its jurisdiction under Section 260A of the Income Tax Act, 1961. Next point in the assessee's appeal was with regard to the inter....
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....hat the learned Tribunal on fact thought it fit that this issue requires reconsideration and as such it set aside the order of the Commissioner of Income Tax (Appeals) insofar as the impugned addition of Rs.1,50,000/- is concerned and remanded the matter to the file of the assessing officer for due verification and decision in accordance with law, after giving reasonable opportunity of hearing to the assessee. It is a mere remand order. So we do not think that this should be scrutinized by this Court in exercise of its jurisdiction under Section 260A of the Income Tax Act, 1961. The learned Tribunal has dismissed the revenue's appeal in relation to M/s. G.K. Cold Storage. In this appeal the only issue was in relation to addition of Rs.69,2....