2026 (4) TMI 88

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....t Kaur (Addl.CIT) - Ld. Sr. DR ORDER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. Aforesaid appeals by assessee for Assessment Years (AY) 2000-01 and 2002-03 are directed against the common order of learned Commissioner of Income Tax (Appeals), Shimla [CIT(A)] dated 14-02-2020 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/s 143(3) r.w.s. 148 of the Act on 29-12-2004....

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....(A), giving effect order has been passed by Ld. AO for 2000-01 & 2002-03 on 16-03-2020 which is placed on record. In AY 2000-01, Ld. AO has sustained addition of Rs. 2,40,624/-. The capital gains addition has been restricted to the extent of Rs. 28,544/-. In AY 2002-03, Ld. AO has made addition of Rs. 9,26,322/- on account of purchase of vehicle, sustained addition of Rs. 16,72,680/- for undisclos....

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....00. Therefore, the benefit of the same would certainly be available to the assessee. Therefore, the addition of Rs. 2,40,624/- for AY 2000-01 stand deleted. Similarly the remaining surplus fund of AY 1999-2000 (Rs. 13,43,663/- - Rs. 2,40,624/- = Rs. 11,03,039/-) and surplus fund for AY 2001-02 (Rs. 16,24,240/-) would far exceed shortage of funds in AY 2002-03 for Rs. 16,72,680/- as well as investm....