2017 (5) TMI 488

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...., which pertained to AY 1993-94, the question of law framed was: "Whether in the facts and circumstances of the present case, the ITAT was correct in law in deleting an addition of Rs. 1,22,13,750/- (or such other amount as computed by A.O. Received in cash by the assessee) made by the Assessing Officer on account of booking of vehicles in the bogus names and premium on sale of these vehicles?" 3. The question of law framed in ITA No.1 of 2005 pertaining to AY 1994-95 was as under: "Whether in the facts and circumstances of the present case, the ITAT was correct in law in deleting an addition of Rs. 12,33,048/- made on account of booking of vehicles-in the bogus/fictitious names?" 4. It must be noted at the outset that in both appea....

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..... 50,65,547 on the above account to the taxable income of the Assessee. The said order was set aside by the Commissioner of Income Tax (Appeals) [CIT (A)] by an order dated 15th May 1998 and the matter remanded to the AO. During the re-assessment, the AO by an order dated 30th March 2001 made an addition only in respect of those bookings where the amount had been received in cash. Thus a sum of Rs. 12,33,048 was added to the income of the Assessee. 7. The Assessee then filed appeals before the CIT (A). AS far as AY 1993-94 was concerned, the CIT (A) by an order dated 4th January 2002 held: "...it cannot be said that all the bookings made in abbreviated names belonged to the assessee and not to the genuine customers. This fact has been ac....