COMMISSIONER OF INCOME TAX Vs. RAM NIWAS

JUDGEMENT

(1.) THE Revenue is aggrieved by an order dated 25th August, 2006 passed by the Income Tax Appellate Tribunal, Delhi Bench 'd', New Delhi ('the Tribunal') in ITA No. 453/del/2004 relevant for the Assessment Year 1998-1999.

(2.) A search of the premises of one Kamal Chand Jain was conducted by the Revenue and they found a large number of documents purported to be hundis. One such document, drawn on a letter-head of the Assessee, was found in the premises of Kamal Chand Jain and it was believed to be a hundi for a sum of Rs. 7 lakhs. A photocopy of the said document along with its English translation has been placed on record.

(3.) ON the basis of the hundi and the presumption drawn under Section 69d of the Income Tax Act, 1961 ('the Act'), the Assessing Officer assessed a sum of Rs. 7 lakhs in the hands of the Assessee.