PURSHOTTAM KHATRI Vs. COMMISSIONER OF INCOME TAX, BHOPAL

JUDGEMENT

(1.) The present appeal is by the Assessee on account of the fact that the High Court has, by the impugned judgment dated 25.01.2006, set aside the reasoned order of the Appellate Tribunal, in which the Appellate Tribunal, after looking at the exchange vouchers and other evidence produced by the Assessee, held that the entire sum of $7,55,534 is explained, as a result of which, the sum of $3,14,534 equivalent to Rs. 1,03,49,720 could not be held to be unexplained deposits. The Appellate Tribunal in so far as this aspect of the matter is concerned held as follows:

(2.) The impugned judgment has added as unexplained income a sum of Rs. 1.03 crores, as aforesaid, basically on the ground that the Assessee has been unable to present declaration Forms that had been filled in by him at the time of his visits to India from abroad. Keeping in mind the fact that these declaration forms were asked for long after such expenditure had, in fact, been incurred, it cannot possibly be said that the Appellate Tribunal's judgment and findings therein are perverse, which is the only entry on facts for the High Court exercising its appellate jurisdiction Under Section 260A of the Income-tax Act, 1961.

(3.) Having heard learned Counsel for both the parties, we are clearly of the view that the High Court ought not to have interfered with the Appellate Tribunal's judgment as no substantial question of law arose therefrom.