COMMISSIONER OF INCOME TAX Vs. SUBHASH CHAND

JUDGEMENT

(1.) The present appeal has been filed under Section 260A of Income Tax Act, 1961 (for brevity "Act 1961") challenging the order dated 30th April, 2009 passed by the Income Tax Appellate Tribunal (in short "ITAT") in ITA 4246/Del/2005.

(2.) Ms. Sonia Mathur, learned counsel for appellant submits that both the ITAT and Commissioner of Income Tax (Appeals) (in short "CIT(A)") have erred law in deleting the addition of Rs.10,83,540/- made by the assessing officer on account of surrender made by the assessee during the course of survey under Section 133A of Act, 1961.

(3.) Briefly stated the material facts of the case are that on 08th March, 2002, a survey operation was conducted on the assessee's business premises under Section 133A of the Act, 1961. During the course of survey, stock inventory, trading account and inventory of cash was prepared and the statement of assessee was recorded. On the basis of assessee's admission, the assessing officer made addition of Rs.10,83,540/- to the income declared. The addition consisted of Rs.7,03,540/- on account of excess stock, Rs.2,75,000/- on account of showroom renovation and Rs.1,05,000/- on account of excess cash found.