2008 (1) TMI 977

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....(SS) No. 11/Ind./2005 dated 20-7-2007 for the block period 1-4-1995 to 5-12-2001 humbly prefers this appeal as under: Facts In Brief 2. The brief facts of the case are that the search action under Section 132 of the Act was conducted in this case on 5-12-2001. The assessee was doing the business of sales and purchases of wheat, gram, soya, etc. During the assessment proceedings, it was noted....

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....e, learned Commissioner of Income Tax (Appeals) erred in deleting the addition of Rs. 13,37,237 made by the Assessing Officer for peak credit of farmer's account holding that such addition is totally outside the scope of the block assessment proceedings. From paragraph 3 the order passed by the learned Income Tax Appellate Tribunal, it would again appear that the above referred was the only qu....

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....rder. It has found that a search was conducted on 3-12-2001 and notice under Section 158BC was issued by the Assessing Officer on 9-12-2002. In compliance to that, return was furnished on 10-1-2003. First assessment proceeding was initiated on 6-8-2003, when the case was to become barred by limitation on 31-12-2003. The Tribunal also observed that there is no delay on the part of the assessee. The....

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....of business and in regard to those books of account the returns of income had already been filed by the assessee under Section 139 before conducting the search by the department. On the facts, Income Tax Appellate Tribunal found that the Assessing Officer could not bring any evidence on record to justify addition of Rs. 13,37,237. 9. Being in general agreement with the findings recorded by the ....