COMMISSIONER OF INCOME TAX Vs. JAGDISH B AGARWAL

JUDGEMENT

(1.) In this appeal under Section 260-A of the Income Tax Act, 1961 ("the Act"), appellant revenue has proposed the following three questions:-

(2.) The assessment year is 2003-04 and the relevant accounting period is the financial year 2002-03. The assessee is engaged in the business of petroleum products and transportation. Vide order dated 20.03.2006, the Assessing Officer framed assessment under Section 144 read with Section 143(3) of the Act making addition of Rs.10,73,822/- on account of estimation of gross profit and Rs.41,72,462/- on account of unexplained cash credits and disallowing interest of Rs.3,84,282/- The assessee carried the matter in appeal before Commissioner (Appeals) and succeeded. Revenue preferred appeal before Tribunal but failed.

(3.) Learned Senior Standing Counsel for the appellant has assailed the impugned order of the Tribunal and has placed reliance upon the findings recorded by the Assessing Officer as well as the grounds stated in the memorandum of appeal.