COMMISSIONER OF INCOME TAX Vs. BHARTESH JAIN

JUDGEMENT

(1.) We have heard learned Counsel for the parties.

(2.) The present appeal, preferred by the Revenue, is directed against the order dated 30th April, 2009 passed by the Income Tax Appellate Tribunal, in penalty proceedings relating to the Assessment Year 1994-95.

(3.) It may be pointed out at the outset that in so far as the quantum proceedings are concerned, additions had been made by the Assessing Officer on, inter alia, two aspects. The first being an addition on account of Assessing Officer treating the business loss claimed by the Assessee as speculation loss and the second addition was made in respect of two amounts of Rs. 4 lacs and Rs. 19 lacs received by the Assessee, which the Assessing Officer treated, as unexplained income of the Assessee under Section 68 of the Income Tax Act, 1961. The said additions have been confirmed by the Tribunal and the appeal preferred therefrom has been dismissed by the High Court.