ACTION ELECTRICALS Vs. DEPUTY COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS appeal by the assessed under section 260A of the Income Tax Act, 1961 (hereinafter referred to as "the Act"), is directed against the order of the Income Tax Appellate Tribunal, Delhi Bench D, New Delhi (hereinafter referred to as "the Tribunal"), dated 18 -10 -2001, in I.T.A. No. 1305 (Delhi) of 1996 pertaining to the assessment year 1991 -92.

(2.) BRIEFLY stated the background facts giving rise to the present appeal are that during the course of search at the business and residential premises of the assessed on 28 -11 -1990, the assessed surrendered a sum of Rs. 5 lakhs under section 132(4) of the Act as income for the year under consideration as per the following break up :

(3.) THE assessed took the matter in appeal to the Commissioner (Appeals), who, while upholding the action of the assessing officer in taking recourse to the provisions of section 145 of the Act and rejecting the book results, reduced the said addition of Rs. 1,35,000. Still aggrieved, the assessed took the matter in further appeal to the Tribunal. The Tribunal by the impugned order while allowing the appeal partly sustained the trading addition of Rs. 1,20,000 deleted the balance addition of Rs. 15,000 by observing thus :