2016 (1) TMI 320

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....ncome Tax Appellate Tribunal, Amritsar Bench, Amritsar in ITA No.471(ASR)/2011 for the assessment year 2007-08, claiming following substantial questions of law:- "1. Whether the Hon'ble ITAT Bench, Amritsar was right in law in deleting the addition made by the AO on account of surrender originally made during the survey proceedings to cover discrepancies found in cash in hand, stock and unexplained expenditure on construction of building? 2. Whether the Hon'ble ITAT Bench, Amritsar was right in facts and circumstances and in law in ignoring the fact that the so called retraction letter of the assessee restricting the surrender to Rs. 8 lac was also an admission on the part of the assessee that there were indeed cer....

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....lowed the appeal. Hence the instant appeal by the revenue. 4. We have heard learned counsel for the parties. 5. A perusal of the order passed by the Tribunal dated 21.11.2013, Annexure A.3 shows that findings have not been recorded after giving detailed reasons and considering the overall material and evidence on record. The Tribunal being final fact finding authority should have passed a well reasoned order after examining the entire evidence on record. The operative portion of the order dated 21.11.2013 reads thus:- "We have heard the rival contentions and perused the facts of the case. The assessee is not maintaining stock register and therefore, it is not possible for the assessee to deduce accurate income and accordingly....

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....wider principle of justice that justice must not only be done it must also appear to be done as well. d. Recording of reasons also operates as a valid restraint on any possible arbitrary exercise of judicial and quasijudicial or even administrative power. e. Reasons reassure that discretion has been exercised by the decision maker on relevant grounds and by disregarding extraneous considerations. f. Reasons have virtually become as indispensable component of a decision making process as observing principles of natural justice by judicial, quasi-judicial and even by administrative bodies. g. Reasons facilitate the process of judicial review by superior Courts. h. The ongoing judicial trend in all ....