2016 (4) TMI 638

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....ha, Adv. Mrs. Archana Prasad, Adv. JUDGMENT ( Per: Honourable Mr. Justice Hemant Gupta ) Heard learned counsel for the appellant and the respondent. 2. The assessee has filed the present appeal under Section 260A of the Income Tax Act, 1961 being aggrieved by an order passed by the Income Tax Appellate Tribunal, Patna Bench, Patna (for short "the Tribunal) on 7th of September, 2007 in ....

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....added back the said sum of Rs. 9,17,846/- as unexplained credit. 4. The assessee, aggrieved against the said order, filed an appeal before the Commissioner, Income Tax (Appeals) which was dismissed on 22nd of March, 2006. Even the Tribunal dismissed the further appeal. Still aggrieved, the assessee has come up in the present appeal. This Court framed the following substantial question of law:- ....

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....ntry, which could be added back by the Assessing Officer. The very basis of the order is erroneous. 6. Learned counsel for the appellant has referred to a Division Bench judgment of Allahabad High Court reported as Commissioner of Income-tax Vs. Pancham Dass Jain (2007) 196 Taxation 569 (All.) to contend that having accepted the purchases and sales, the provisions of Section 68 of the Act could....

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....dit and, therefore, the provisions of section 68 of the Act could not be attracted in the present case. We fully agree with the view taken by the Tribunal on this issue, inasmuch as, on the basis of the findings recorded by it that these two amounts represented purchases made by the respondent-assessee on credit and the purchases and sales having been accepted by the Department, the question of ad....