ITO Vs. BHAGWATI PRASAD RAIKA

JUDGEMENT

(1.) THIS Income Tax appeal under Section 260A of the Income Tax Act, 1961 (in short "The Act") preferred by the revenue against the order (Annexure A/3) of the Income Tax Appellate, Tribunal, Nagpur Bench, Nagpur (in short "Tribunal") has been admitted on 20-3-2006.

(2.) THE only question, which arises for adjudication of this appeal, is whether the learned CIT(A) and the Tribunal were justified in deleting the addition made by the assessing officer on the ground that the excess stock, as returned to the bank, was corresponding to the sales not declared to the bank in the form of sundry debtors, the assessee has only availed extra credit facility, which did not relate to the discrepancy in stock?

(3.) SHRI M.C. Jain, learned Counsel for the respondent/assessee, submits that from perusal of the orders of CIT(A) and the Tribunal, it is manifestly clear that both the forums below after careful scrutiny of the record, including the books of accounts and the bank statement, and further on the basis of remand report by the AO, have arrived at a conclusion that there was no excess stock available with the assessee at any point of time. The aforesaid finding of CIT(A) and the Tribunal is a ending of fact and no question of law, much less any substantial question of law, arises for adjudication of this appeal.