2015 (12) TMI 981

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....llenged the order dated 31st March, 2000, made by the Commissioner of Income Tax (Appeals) in respect of block period 1st April, 1987 to 7th August, 1997 before the Income Tax Appellate Tribunal [for short, "the Tribunal"]. The Commissioner of Income Tax (Appeals) [for short, "the Commissioner"] had dismissed the assessee's appeal and affirmed the order of the assessing officer passed under Section 158BC of the Income Tax Act, 1961. The Tribunal, by order dated 8th May, 2002, allowed the appeal of the assessee and reversed the order of the Commissioner and deleted the additions made. The appeal filed by the appellant-Revenue before the High Court under Section 260A of the Income Tax Act, 1961 has been dismissed by observing "no sub....

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....493/- incurred by the assessee for block assessment period from 1st April, 1997 to 7th August, 1997? 2. Whether the Income Tax Appellate Tribunal erred in deleting the charging of the sur-charge?" 4. On 11th December 2014, the Court noted the request made by learned counsel for the parties for time since "documents required have not been placed on record by the Revenue and by the assessee." The Court then gave the parties a last opportunity to place on record relevant documents within 15 days. Thereafter the matter came up for hearing on 5th October 2015 when further time was sought and the following order was passed: "1. Mr. Sahni, learned Senior standing counsel for the Appellant seeks time to produce Annexures A-35 a....

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....imed by the assessee in the regular returns, was not genuine. Merely presuming that assessee must have booked bogus losses to reduce its profitability, in our considered view, cannot be approved either on the facts of the present case or in the eyes of law." It was further observed "if the AO wanted to disallow the claim of the assessee claimed in the regular returns, then some material has to be brought on record that these transactions were ingenuine." Accordingly, the ITAT held that "there was no material with the Assessing Officer to disallow the claim of loss claimed by the assessee while filing its regular returns of income, because there being no material evidence found during the search and, therefore, it was beyond the power of the....