1999 (4) TMI 60

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....of the Income-tax Act, 1961, requires us to direct the Income-tax Appellate Tribunal, Ahmedabad Bench B, to submit the statement of case and refer the following question said to be a question of law arising out of the order made by the Tribunal in ITA No. 4557/Ahd. of 1992, for the assessment year 1987-88 in the case of the respondent-assessee : "Whether the Appellate Tribunal is right in law a....

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....t was of the opinion that from the other two promissory notes it was not possible to discern the date of their execution and having regard to the fact that search took place during the financial year 1986-87 the amount represented by the two promissory notes Rs. 2 lakhs was brought to tax by making additions in the income of the assessee for the assessment year 1987-88. The plea of the assessee ha....

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.... the Commissioner of Income-tax (Appeals) referring to certain noting made on the reverse of the promissory notes which bore the date May 1, 1982, held that the promissory notes were executed in 1982 and referring to the assessment order for the assessment year 1983-84 made on March 30, 1988, deleted the additions made on account of income represented by the promissory notes as the same had alread....

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....the Assessing Officer stood deleted as per the orders of the Commissioner of Income-tax (Appeals), whose order was affirmed by the Tribunal. From the aforesaid facts it is apparent that the deletion of addition of Rs. 2 lakhs has been founded on the finding of fact that the promissory notes were executed somewhere in 1982 and the income represented by these promissory notes had been already sub....