2002 (7) TMI 64

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....re that during the course of search at the business and residential premises of the assessee on November 28, 1990, the assessee surrendered a sum of Rs. 5 lakhs under section 132(4) of the Act as income for the year under consideration as per the following break up:                                                                            Rs. "(a) Cash accumulated from the t....

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....ls), who, while upholding the action of the Assessing Officer in taking recourse to the provisions of section 145 of the Act and rejecting the book results, reduced the said addition of Rs. 1,35,000. Still aggrieved, the assessee took the matter in further appeal to the Tribunal. The Tribunal by the impugned order while allowing the appeal partly sustained the trading addition of Rs. 1,20,000 deleted the balance addition of Rs. 15,000 by observing thus: "In the present case it may be true that some of the aspects raised by the Assessing Officer have been found untenable by the learned Commissioner Of Income-tax (Appeals) but this is not the position in respect of at least one of the points. The fact that remains is that during the course o....

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....t permissible either from the accountancy point of view or in law. We are, therefore, in full agreement with the conclusion arrived at by the learned Commissioner of Income-tax (Appeals) in that behalf and do not find any infirmity in so far as the sustenance of addition to the tune of Rs. 1,20,000 is concerned. The balance addition of Rs. 15,000 is however uncalled for. It is ordered to be deleted." Hence the present appeal. We have heard Mr. Rajesh Aggarwal, learned counsel for the assessee. It is vehemently submitted by learned counsel that the Tribunal has failed to appreciate that except for the surrender made by the assessee at the time of search, there was no other material before the Assessing Officer to come to the conclusion t....