COMMISSIONER OF INCOME TAX Vs. KANCHAN BHALLA

JUDGEMENT

(1.) These two appeals have been preferred under Section 260A of Income Tax Act, 1961 (for brevity "Act 1961") challenging the order dated 20th March, 2009 passed by the Income Tax Appellate Tribunal, Delhi (in short "ITAT") whereby it has deleted addition of Rs.9,34,215/- and Rs.8,20,410/- made by the Assessing Officer on account of unexplained investment allegedly made by the two assesses in jewellery.

(2.) Ms. Prem Lata Bansal, learned counsel for revenue submitted that Commissioner of Income Tax (Appeals) and ITAT erred in law in deleting the addition made by the Assessing Officer even when the jewellery disclosed in VDIS-1997 had not been found in the earlier searches conducted on 15th September, 1992 and 10th February, 2000.

(3.) The ITAT in the impugned order has rejected the revenue's appeal by observing as under:-