COMMISSIONER OF INCOME TAX Vs. M. SHANMUGHAM

JUDGEMENT

(1.) We have heard Mr.Karthik Ranganathan, learned Senior Standing Counsel for the appellant/Revenue and Mr.Ashok Menon, learned counsel for the respondent/assessee.

(2.) The appeal, filed by the Revenue under Section 260A of the Income Tax Act, 1961 ("the Act" for brevity) is directed against the order dated 25.09.2012 made in C.O.No.108/Mds/2012 in I.T.A.No.1110/Mds/2012 on the file of the Income Tax Appellate Tribunal, Chennai, "C" Bench (for brevity, "the Tribunal") for the Assessment Year 2006-07.

(3.) The appeal was admitted on 03.03.2014 on the following substantial question of law: "Whether on the facts and in the circumstances of the case, the Appellate Tribunal was right in deleting the additions made by the Assessing Officer towards inflated purchases and accepting the cost of purchase of old bottles from street hawkers at a higher price than the market price being sold by registered sellers in a similar trade?"