SWATHI ENTERPRISES Vs. DEPUTY COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) The Assessee has filed this Appeal raising the purported substantial question of law arising from the order passed by the learned Income Tax Appellate Tribunal on 18th December 2003 whereby the learned Tribunal partly allowed the appeal of the Assessee but rejected the ground on which the present Appeal has been filed by the Assessee before this Court regarding the additions of Rs.14,65,500/- made by the CIT (Appeals) after giving notice of enhancement to the Assessee with regard to an alleged gift by a Non Resident India (NRI) to a partner of the Assessee Firm.

(2.) The present Appeal was admitted on 12.03.2009 on the following substantial questions of Law:

(3.) A search was conducted at the business place of the Assessee on 10.01.2000. In the course of the statement recorded by the authorities concerned under Section 132(4) of the Act with regard to the said NRI gifts, the following statement of the Assessee was recorded:-