2009 (6) TMI 978

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....s of law have been framed for our consideration: "(A) Whether on the facts and circumstances of the case, the Tribunal was right in deleting additions relating to ₹ 5,53,83,730/and ₹ 3,51,48,008/respectively in respect of value of prize winning lottery tickets and cost of unsold tickets and in making the aforesaid deletion, it has ignored the relevant evidence including the report mad....

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....r made the addition on presumption that the assessee must have paid price of the tickets to suppliers, and held that the finding of the Assessing Officer that assessee could not prove that tickets were received on approval basis is not correct. Reliance was also placed on the letter dated 28.05.1997, which has been quoted by the Assessment Officer in his order. Perusing the letter as well as the ....

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....to take a different view than the decision taken by this Court in Tax Appeal No.277 of 1999. Under the circumstances, we answer this question in favour of the assessee and against the revenue. As regards Question B, matter has been elaborately dealt with by the Tribunal. In paragraph 3.3, much reliance was placed on the statement made by the assessee during search operation. Apart from that no ma....