2004 (7) TMI 49

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....Act being the difference between the value of closing stock as found in the seized document and the value of Rs. 7,51,186 admitted by the assessee? 2. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in deleting the addition of Rs. 2,49,173 when under law, the onus of proving that the difference did not represent undisclosed income was on the assessee? 3. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in deleting the addition being the difference between the value of closing stock as found in the seized document and the value of Rs. 7,51,186 admitted by the assessee considering irrelevant evidence and disregarding relevant e....

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....ramaniam, learned counsel for the Department seriously contends that the closing stock value of Rs. 7,51,186 submitted before and accepted by the commercial tax department, is not binding on the income-tax authorities and therefore the differential value between the two books of account seized from the premises of the assessee to the tune of Rs. 2,49,173 is taxable and thus raised the three substantial questions of law referred to above. A closer reading of these three substantial questions of law boils down to the contention whether the finding arrived at by the commercial tax department, which got concluded under the relevant Act is binding on the respondent/Revenue Department, and/or, notwithstanding the return submitted before the co....