2020 (2) TMI 159

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....e learned Tribunal partly allowed the appeal filed by the Revenue and set aside the order passed by the learned Commissioner of Income Tax Appeals on 22 July 2008 for the Assessment year 2003-04, and restored the Additions made by the Assessing Authority with the following observations : 9. A significant fact, which in our view, has not been appreciated by the learned Commissioner of Income Tax (Appeals) while deciding the issue is the admission by the Assessee after the survey vide its letter dated 7.3.2005 as well as letter dated 17.2.2006, as duly recorded by the learned Commissioner of Income Tax (appeals) in the impugned order at P.No.3.Thus, when the Assessee has admitted an additional income of Rs. 42 lakhs subsequent to sur....

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....llate Tribunal is right in law in holding that the addition of Rs. 42 lakhs is warranted as undisclosed purchases in the hands of the Appellant as per the real income theory under Section 28 of the Income Ta Act, 1961? 2. Whether the Tribunal's finding in para 9 is perverse especially when in paras 5 to 8, the Tribunal itself observes the "contrary facts on record" to prove that the purchases were not properly entered and only there was "Excess Book Stock" as compared to "Physical Stock" recorded in the books?" 3. Having heard the learned counsel for the parties and upon perusal of the record, we find that the additions in question to the extent of Rs. 42 lakhs are mainly based on the admission made by the Assessee himself w....