2004 (7) TMI 12

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....by N.K. Sud J. - This appeal is directed against the order of the Income-tax Appellate Tribunal, Amritsar Bench, Amritsar (for short "the Tribunal"), dated November 13, 2003, dismissing the appeal of the Revenue against the order of the Commissioner of Income-tax (Appeals), Bathinda, dated March 20, 1998. During the course of assessment proceedings, the Assessing Officer confronted the asses....

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....tatement, as income for which inaccurate particulars had been furnished and made an addition of Rs. 4,44,510 to the total income of the assessee vide order dated March 27, 1997. The assessee preferred an appeal before the Commissioner of Income-tax (Appeals), Bathinda, who, vide his order dated March 20,1998, allowed the appeal. He observed that it was a factual position that the assessee had n....

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....al have recorded concurrent findings of fact that the credit facility was against hypothecation of stock and not against pledge. It was also observed that except for the photocopy of this stock statement allegedly furnished to the bank, the Assessing Officer has not brought any material on record to show that the assessee, in fact, possessed stocks as reflected in the said statement as against the....