COMMISSIONER OF INCOME TAX Vs. ASHWANI GUPTA

JUDGEMENT

(1.) This appeal by the Revenue is directed against the order dated February 8, 2008 passed by the Income-tax Appellate Tribunal in IT (SS) No. 140/Del/2006 relating to the block period April 1, 1990 to August 20, 2000.

(2.) The Tribunal has confirmed the order passed by the Commissioner of Income-tax (Appeals) which held the entire addition made by the Assessing Officer to be invalid and had deleted the same. The Commissioner of Income-tax (Appeals) had clearly held that the Assessing Officer had passed the assessment order in violation of the principles of natural justice inasmuch as he had neither provided copies of the seized material to the assessee nor had he allowed the assessee to cross-examine one Mr. Manoj Aggarwal on the basis of whose statement the said addition was made. The Commissioner of Income-tax (Appeals) also held that the entire addition deserved to be deleted, particularly so, because the transactions also stood duly reflected in his regular returns.

(3.) The Tribunal, after referring to the decision of this Court in the case of CIT v. SMC Share Brokers Ltd.,2007 288 ITR 345, came to the conclusion that there was no infirmity in the order of the Commissioner of Income-tax (Appeals) and, therefore, declined to interfere with the same and dismissed the appeal of the Revenue.