2014 (12) TMI 564

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.... JUDGMENT (Per Honble Sri Justice L.Narasimha Reddy) The respondent is a proprietor of M/s. Bhagawathi Enterprises, which is mainly a dealer in groundnut seeds. For the assessment year 1989-90, the returns were submitted on 06.09.89. A sum of Rs. 50,000/- was shown as total income. A search was conducted on 18.08.1989 under Section 132 of the Income Tax Act (for short the Act). Based upon t....

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....the respondent filed appeal before the Commissioner of Appeals. Through order, dated 29.02.1996, the Commissioner dismissed the appeal. Thereupon, the respondent filed I.T.A.No.917 of 1996 before the Hyderabad Bench A of the Income Tax Appellate Tribunal. The said appeal together with two similar appeals referable to subsequent assessment years were allowed by the Tribunal through its order, dated....

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....foresaid account even in the absence of a finding that the sales are referable to the accounted for purchases of groundnut seeds? (b) Whether the findings of the Appellate Tribunal in this behalf are based on material on record? The controversy is about a sum of Rs. 17,23,400/-. In the books of account, the said amount was not reflected. The source of information for the Assessing Officer wa....