2004 (6) TMI 641

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.... 3. That CIT (Appeals) has further erred in sustaining the addition of 35,000 on account of unexplained income as assessed by Assessing Officer. 4. That CIT (Appeals) has unrecoverable imposed a fine of Rs. 5,980." 2. In have heard the counsel for the assessee as well as the Ld. DR. 3.1 So far as facts relating to the issue involved in Ground No. 1 are concerned, the same as have been revealed from the record, are that the assessee had furnished his return of income for assessment year 1997-98 declaring an income of Rs. 42,140 on 23rd October 1997, which was inclusive of an income of Rs. 27,885 from assessee's personal business of trading in plastic granules and Rs. 14,225 as salary received from partnership firm in which he was a....

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....on 18-9-1996 was consisting of this 15,000 and balance of Rs. 10,000 was out of current years income. The cash of Rs. 5000 and of Rs. 3,500 available with the assessee on 16-11-1996 and 18-11-1996 was also claimed to the out of current year's income. The Assessing Officer however did not accept thus explanation and considered the amount of Rs. 33,500 as from undisclosed courses. 6. It was in the light of above facts and circumstances of the case that the counsel for the assessee re-iterated the submissions made before the revenue's authority. The Ld. DR on the other hand has supported the order of the CIT(A). 7. After having considered the rival submissions, facts and circumstances of the case and various decisions relied upon by the part....