2007 (12) TMI 217

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....mber 22, 2006, passed by the Income-tax Appellate Tribunal, Delhi Bench H, New Delhi ("the Tribunal") in I. T. A. No. 3187/Del/2003 relevant for the assessment year 1998-99. According to learned counsel for the Revenue, the tax effect in this case on a notional basis is about Rs. 47.65 lakhs, although she does not deny that the assessee has been assessed at a loss. According to learned counsel for....

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....ks of account, while the assessee maintains three different accounts-two under the head "Sundry Creditors account" for FBD and Pump Division and one unsecured loan account. 3. According to the assessee, the difference arose on account of the fact that the amount was debited by M/s Polar Industries Ltd. but a corresponding entry was not made by the assessee. 4. The Commissioner of Income-tax ....

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....on tendered by the assessee and is not vitiated by any perversity. We do not find that any substantial question of law arises out of this finding. 5. The second issue urged by learned counsel for the Revenue is with regard to the addition of Rs. 81.68 lakhs being the difference between reduction in value of stock and the sale price. The Commissioner of Income-tax (Appeals) was of the view that ....