COMMISSIONER OF INCOME TAX Vs. SOORA SUBRAMANIAM HUF

JUDGEMENT

(1.) The Revenue has come up on appeal as against the order of the Income-tax Appellate Tribunal, Chennai "A" Bench, dated December 19, 2003, in IT (SS) A No. 13/Mds/96 raising the following substantial questions of law:

(2.) Aggrieved by the assessment, the assessee went before the Income-tax Appellate Tribunal, wherein it was categorically pointed out that the additions were made mostly on account of inadequate of drawings and sale of shares. The Tribunal pointed out that the only item seized was jewellery belonging to the family members, for which, there was no addition. The Tribunal pointed out that going by the provisions of section 158BB, on the face of the orders, there was no evidence found and there were no materials found showing undisclosed income. In the light of the facts thus available, the Tribunal held that, on the very basis on which the assessment so framed not being available, the entire assessment could not be sustained and accordingly allowed the assessee's appeal. A perusal of the order of the Tribunal in detail and going by the findings recorded therein, we have no hesitation in confirming the order of the Tribunal. Accordingly, the tax case (appeal) stands dismissed. The substantial questions of law are answered in favour of the assessee and as against the Revenue. No costs.