COMMISSIONER OF INCOME TAX-VIII Vs. AJAI SHUKLA

JUDGEMENT

(1.) This appeal has been preferred by the revenue in respect of the assessment year 2008-09 from the order dated 23.12.2011 passed by the Income Tax Appellate Tribunal, New Delhi in ITA No.2896/Del./2011.

(2.) The only issue that is sought to be raised here before us concerns the deletion of the addition of Rs. 70,18,518/- by the Commissioner of Income Tax (Appeals) as also by the said Tribunal. The said addition had been made by the assessing officer on account of purported unexplained investments by invoking Section 69 of the Income Tax Act, 1961.

(3.) The assessing officer had made the said addition on the ground that there was no evidence/explanation offered by the assessee in respect of he said investments totaling Rs. 70,18,518/-. We may state at the outset that this finding of the assessing officer was ex-facie wrong as has been expressed by the Commissioner of Income Tax (Appeals) and also by the Income Tax Appellate Tribunal. This is so because the assessee had offered material by virtue of its letter dated 03.12.2010 and 13.12.2010.