CIT Vs. A K JAIN

JUDGEMENT

(1.) THIS appeal under Section 260A of the Income Tax Act, 1961 (Act, for short) preferred by the Revenue in the case of A.K. Jain pertains to the block assessment period 1988-1989 to 1998-1999. By order dated 14th May, 2007, the following substantial questions of law were framed for consideration:-

(2.) RESPONDENT has been served. However, there is no appearance on his behalf and accordingly he is proceeded ex-p]e.

(3.) THE Assessing Officer referred the matter to the valuation cell and recomputed the purchase price and sale price and on the basis of the figures given by the valuation cell. On the basis of the working done by him, the Assessing Officer made additions towards unexplained investment in properties. We may note that there were 10 transactions relating to properties, including the three properties mentioned above and one more property which are the subject of the present appeal. The total addition made by the Assessing Officer was of Rs.17,46,584/-.