CIT Vs. SANGEETA LEASING

JUDGEMENT

(1.) By an order dated March 15, 2004, the following substantial question of law was framed :

(2.) In the present case, the Commissioner of Income-tax (Appeals) and the Tribunal have held that the assessee was a victim and duped by third parties, namely, M/s. Modem Engineering and Fabricators and M/s. Sears Leasing Industries Limited. The Commissioner of. Income-tax (Appeals) has also referred to an FIR which was registered at the instance of the respondent-assessee and the directors/officers of M/s. Sears Leasing Industries Limited were arrested. These are findings of facts The Commissioner of Income-tax (Appeals) had held as under :

(3.) The contention of the appellant is that Rs. 6 lakhs was paid to the respondent. On the said aspect the reply of the respondent in the assessment proceedings was as under :