2004 (9) TMI 77

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....e has filed this appeal under section 260A of the Income-tax Act, 1961 (for short "the Act"), against the order of the Income-tax Appellate Tribunal, Amritsar Bench, Amritsar (for short "the Tribunal"), dated February 11, 2004, dismissing his application under section 254(2) of the Act for rectification of its order dated May 31, 1999, passed in IT(SS) Appeal No. 23(ASR) of 1997 relating to block ....

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....quor business, it held that no separate addition on account of peak amount in the bank accounts was required to be made as the same stood covered in the peak amount of Rs. 59,67,500 computed as unexplained investment in the liquor business. After almost four years, the assessee filed an application dated May 20, 2003, under section 254(2) of the Act pointing out that there was a mistake in the ....

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....arate additions had been made on account of peak amount in the bank accounts. Thus, even if the amount of interest had been wrongly taken into account while working out the peak amount in the bank accounts, it made no difference to the income which was liable to tax. Since the amount of Rs. 59,67,500 represented only the unexplained investment in the capital employed in the liquor business, there ....