2013 (11) TMI 663

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.... of the case, the deletion made by the Income-tax Appellate Tribunal from the additions made by the Assessing Authority can be legally sustained despite the fact that the Tribunal has not considered the various entries made in the diary maintained by Shri Sandeep Kumar in the light of the findings recorded by the Commissioner of Income-tax (Appeals)?" Counsel for the revenue submits that the Tribunal has wrongly held that entries in the diary could not be considered as the explanation offered by the assessee has not been rebutted. It is further submitted that deletion made by the Tribunal of additions made by the Assessing Officer, duly affirmed by the Commissioner of Income Tax (Appeals), Faridabad (hereinafter referred to as the 'CIT(A....

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....given detailed explanation about the entries recorded on each page of the diary in its letter dated 25th October 1993 placed at page 132 to 145 of the paper book and having gone through the explanation given about each entry recorded in the diary, we are satisfied that the said entries pertain to purchase and sale of empty gunny bags, seeds, grease, and diesel. The details of such entries are given at pages 152 to 161 of the paper book. The department has not disputed or controverted the details given and explanation offered about each entry. As per the details there are sales shown of empty gunny bags of Rs.48,458/-, sale of seeds of Rs.26,563/-, sale of grease at Rs.1,256/-, sale of diesel at Rs.10,810/-. The assessee has prepared the tra....