2008 (4) TMI 210

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....NT The judgment of the court was delivered by RAKESH KUMAR GARG, J. - The revenue has filed the present appeal under Section 260-A of the Income-Tax Act, 1961 ( hereinafter referred to as the "I.T. Act" ) against the order dated 20.05.2007 passed by the Income-Tax Appellate Tribunal, Delhi Bench "SMC." Delhi ( hereinafter called the Tribunal ) in I.T.A. No. 3475/DEL/2006 for the assessment y....

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....basis of this information, notice dated 27.08.2004 under Section 142(1) of the IT Act was issued to assessee. The return of income was filed on 16.05.2005 declaring an income of Rs.39190/-. The assessee was required to explain the source for which the excess stock detected by the market committee was made. Ultimately, the assessee came forward with the proposals for surrendering the value of exces....

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.... who vide its order dated 25.05.2007, accepted the appeal and set aside the order of the lower authorities and cancelled the penalty of Rs.84155/-, levied by the Assessing Officer under Section 271(1)(C) of the I.T. Act. 5. Aggrieved against the order of the Tribunal, the revenue has filed the present appeal.  Mr. Yogesh Putney, learned counsel for the revenue has argued that the findings ....

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.... that the stock is verifiable from the books of account. There was no un-explained investment made for the purchase of said sarson in order to attract the provisions of section 69 of the Act. The Tribunal also found that the Assessing Officer had not given clear findings to show that the alleged stock was outside the books of account and the appellant had made surrender for the stock found by the ....