2008 (3) TMI 65

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....ue is directed against the order dated December 13, 2006, passed by the Income-tax Appellate Tribunal in I. T. (SS) No. 26/Pat /2006 for the assessment year, block period April 1, 1987, to October 21, 1997, whereby the appeal was allowed and the order passed by the Tribunal is set aside. 2. It appears that a search and seizure was carried out under the provisions of section 131(1) of the Income....

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....for decision afresh in the light of the direction given in the said order. In compliance with the aforesaid direction, the Assessing Officer passed a fresh order dated March 28, 2002, under section 158BC/251 determining the income at Rs. 60,88,423. In the said assessment, an addition of Rs. 46,70,313 and Rs. 14,81,107 was made on the strength of the seized document. The assessee again filed an app....

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....detail and gave reasonings for arriving at the conclusion. The Commissioner of Income-tax (Appeals) has taken up all the issues separately and recorded findings on those issues. Curiously enough, the Tribunal after recording the case of the parties and submissions made therein, has come to the following conclusion: "On a careful analysis of the orders of the authorities below with reference to ....

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....4,41,892. Under these circumstances, we find the addition based solely on loose sheet marked, P-70 of bunch 11-21 found and seized during the course of search and not supported by any independent evidence is unsustainable in the eye of law: Accordingly, we delete the additions made by the Assessing Officer as sustained by the learned Commissioner of Income-tax (Appeals) by allowing the appeal of t....