TaxTMI 
TaxTMI 
1992 (7) TMI 30
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....circumstances of the case, the Income-tax Appellate Tribunal was legally correct in holding that, even if the liability of Rs. 4,49,600 shown in the balance-sheet on account of purchase of plot of land is not genuine, the addition cannot be made to the declared income simply because no deduction had been claimed for the cost of land in the profit and loss account for the year under consideration ?....
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....,49,600 by disallowing the liability claimed by the assessee. The Commissioner of Income-tax (Appeals) observed that, as the assessee had not claimed this liability, the question of its being disallowed does not arise. This amount of Rs. 4,49,600 added to the income of the assessee was, therefore, deleted. The Income-tax Officer came up in appeal before the Income-tax Appellate Tribunal. In the o....
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....Tribunal does not thereafter refer to or deal with any contention of any of the parties specifically but the Tribunal proceeded to decide the appeal and observed that the assessee had neither made any claim nor had the Assessing Officer brought any material on record to suggest that the amount in question had been paid. The appeal of the Income-tax Officer was dismissed. It is contended by learne....
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....e this contention is specifically raised and the observation of the Tribunal that it had heard the Departmental representative without the Tribunal elaborating as to what other contentions the Departmental representative contended leaves us to believe that whatever was set out in the grounds of appeal must have been considered. The only basis for the amount to be added in the income of the assesse....