2006 (1) TMI 78

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....ue under section 260A of the Income-tax Act, 1961 (for short "the Act"), is directed against order dated February 24, 2004, passed by the Income-tax Appellate Tribunal, Amritsar Bench, Amritsar (for short "the Tribunal"), in I.T.A. No. 659(ASR)/1997 pertaining to the assessment year 1988-89. According to the Revenue, the order gives rise to the following substantial question of law: "1. Whet....

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....the material facts giving rise to the filing of this appeal are as follows: In respect of the assessment year 1989-90, the Assessing Officer, while framing the assessment for the said assessment year, made an addition of Rs. 3,75,000 as unexplained investment. The assessment was framed under section 144 of the Act in the status of association of persons (for short "the AOPs"). However, on the a....

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.... to the said date. Not being satisfied with the order, the Revenue took the matter in further appeal to the Tribunal. By the impugned order, the Tribunal has upheld the view taken by the Commissioner of Income-tax (Appeals). Hence, the present appeal. It is vehemently argued by Dr. N.L. Sharda, learned counsel for the Revenue, that since an excise licence had been issued in the name of M/s. ....