2017 (9) TMI 2057

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....ll, the Tribunal, on both aspects of the same question, found that the assessee and the Revenue both were in appeals. As far as the assessee is concerned, he raised six grounds. Ground No.3 was not pressed. Ground No.1 was found general in nature. Hence, it required no separate adjudication. 4. As far as ground No. 2 is concerned, The Tribunal heard both sides and held that the correctness of the Books of Account with supporting evidence have to be gone into. That is because even if in the first round of litigation the Tribunal had admitted the Books of Account as an additional evidence, the Department was not in appeal against the said order and once this course is adopted, the Commissioner was obliged to go into the same. It is only wh....

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.... with the findings in relation to the Assessment Year 1992-­93. 10. We see no reason to allow such a course for the Tribunal found that the order of the First Appellate Authority in the case of Hitesh Mehta was dated 29­-3­-2012 and that was for the Assessment Year 1993-­94. The entire addition has been made by the Assessing Officer on the basis of information gathered from different sources. The Assessing Officer merely picked a figure from one annexure and arrived at the figure of addition without making any inquiry or bringing any evidence on record. If such additions made by the Assessing Officer were deleted in the case of Hitesh Mehta and the Revenue filed an appeal being Income Tax Appeal No. 5138 of 2003, but with....

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....was treated as sale and wherever the closing stock was higher than the opening stock, the difference was treated as unexplained purchase. The Assessing Officer went about in this manner and made the additions. The Commissioner was of the opinion that the information relied upon by the Assessing Officer was either given to the assessee during the proceedings of the Assessment Year 1992-­93 or during the proceedings for the Assessment Year 1993­-94. The Assessing Officer has computed the holding of shares from the information collected from different sources. The argument before the Commissioner was that the working of opening stock is borrowed from the working given in the Assessment Year 1992-­93, without any break­up and wi....