KULBHUSHAN KHOSLA Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) This appeal under Sec. 260A(1) of the Income Tax Act, 1961 ('Act') by the Assessee is directed against the impugned order dated 22nd May 2003 in ITA No. 92/Del/2002 for the Assessment Year ('AY') 1994 -95.

(2.) While admitting this appeal on 28th February 2005, the Court framed the following question of law for consideration:

(3.) The facts leading to the filing of the present appeal are that the Appellant -Assessee, Kulbhushan Khosla, filed his return for the AY 1994 -95 on 14th November 1994 declaring an income of Rs. 3,36,970. The Assessee showed income from salary, business and other sources during AY in question. The Assessee had also done export business.