2009 (8) TMI 4

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....sessee has preferred this appeal under Section 260A of the Income Tax Act, 1961 (for short, "the Act") against the order dated 6.6.2008 passed by Income Tax Appellate Tribunal, Delhi "A" Bench in ITA No. 68/DEL/2005 for the assessment year 1991-92, proposing to raise the following substantial questions of law: A. " That the order of ITAT for the year under appeal being inconsistent to that of t....

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.... Accordingly, addition was made to his income. The addition was upheld by the CIT(A) as well as the Tribunal. The Tribunal observed: " Whereas the assessee shows outstanding liability of Rs.3,75,049 payable to M/s Vijay Bottle Stores, Sohna, the said supplier has shown the amount receivable only to the extent of Rs.50,049/-. M/s Vijay Bottle Stores is stated to have received a sum of Rs.3, 25,0....

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....ing regarding the difference. He confirmed that books of accounts were written by part-time accountant as per his convenience. However, he confirmed that he used to keep accounts at that time in the financial year 1991-92. He confirmed that as on the date of statement there was no outstanding balance due. However, there is nothing in the statement, which gives an impression that the accounts as....

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.... This is for the reason best known to the assessee but since the books of accounts were not produced, the Assessing Officer is justified in drawing an adverse inference as, if such books of accounts were produced, the contention of the assessee might be proved to be incorrect. Therefore, the Assessing Officer was justified in drawing such adverse inference against the assessee. The assessee has no....