CIT Vs. SANDEEP AGENCIES

JUDGEMENT

(1.) THE Appellant revenue has proposed three questions in the appeal filed under Section 260A of the Income Tax Act, 1961 (the Act):

(2.) THE assessment period is block commencing from 1.4.1989 to 1.11.1999. In the assessment framed on 29.11.2001 under Section 158BC of the Act, the assessing officer made an addition of Rs. 34,38,697/ - stated to be undisclosed stock. The said addition came to be deleted by Commissioner (Appeals). Revenue carried the matter in appeal before the Tribunal but did not succeed.

(3.) LEARNED Advocate appearing for the Appellant submitted that the Tribunal while holding that assessing officer had not followed the correct method for making the addition did not suggest any correct method. That in fact, the working adopted by assessing officer was on the basis of principles of accountancy. That in the circumstances, the questions as proposed or any other suitable question may be formulated by the High Court after admitting the appeal.