2007 (3) TMI 253

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....appeal against the judgment and order dated February 28, 2005, passed by the Income-tax Appellate Tribunal, (Delhi Bench "B", New Delhi), in I. T. A. No. 91/Delhi/2002. 2. The substantial questions of law raised in the appeal are as follows: "Whether, on the facts and in the circumstances of the case, the hon'ble Income-tax Appellate Tribunal was legally correct in holding that lowering of p....

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....oints. The first addition of Rs. 27,44,000 consisted of additions of Rs. 9,13,000, Rs. 3,00,000, Rs. 10,31,000 and Rs. 5,00,000 in respect of undervaluation of Government securities written back of excess provisions of previous year income-tax, law charges incurred during this year and law charges for earlier years, respectively. The Assessing Officer found that as per the balance-sheet, profit an....

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....ly be computed by adopting the method of accounting as regularly employed by it in earlier years and  consequently additions of Rs. 27,44,000 were made. Being aggrieved, the assessee preferred an appeal before the Commissioner of Income-tax (Appeals) who partly allowed the appeal in respect of additions made on three points and accordingly a relief of Rs. 22,44,000 was given to the assessee a....

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.... before this court. 4. We have heard learned counsel for the parties and perused the judgments given by the courts below. In the facts and circumstances of the case, after having gone through the order passed by the Commissioner of Income-tax (Appeals) as well as also the impugned order of the Income-tax Appellate Tribunal and in the light of the material available with us, we are of the view t....