COMMISSIONER OF INCOME TAX Vs. SARWANKUMAR SHARMA

JUDGEMENT

(1.) FEELING aggrieved and dissatisfied with the impugned judgment and order dated 14.08.2013 passed by the learned Income Tax Appellate Tribunal, CBench, Ahmedabad [hereinafter referred to as "Tribunal"] in ITA No.2302/Ahd/2011 for AY 200809 by which the learned Tribunal has partly allowed the said appeal preferred by the assessee quashing and setting aside the order passed by the learned CIT(A) and the Assessing Officer and treating the entire deposits of Rs.45,85,861/made by the assessee in his bank account as total turnover of the assessee with respect to his undisclosed business of trading in art silk cloth and accordingly the income of the assessee shall be estimated at 8% of the total turnover, the Revenue has preferred the present tax appeal to consider the following substantial questions of law.

(2.) FACTS leading to the present tax appeal in nutshell are as under:

(3.) SHRI Sudhir Mehta, learned advocate appearing on behalf of the appellant Revenue has submitted that the learned Tribunal has materially erred in directing to treat the entire deposits of Rs.45,85,861/made by the assessee in his bank account as his undisclosed business income of trading in art silk cloth. It is submitted that as such the learned Tribunal has not properly appreciated the facts and the findings recorded by the learned AO as well as learned CIT(A) that as such there was no evidence and/or material produced by the assessee in support of his case that he was in the business of trading in art silk cloth and that the aforesaid deposits of Rs.45,85,861/was out of his undisclosed business of trading in art silk cloth. It is submitted that as such the finding recorded by the learned Tribunal that the assessee was in the business of trading in art silk cloth and the entire deposits of Rs.45,85,861/made by the assessee in his bank account was an undisclosed business of trading in art silk cloth is absolutely perverse and as such not appreciated by any cogent evidence.