COMMISSIONER OF INCOME TAX Vs. SHADI LAL ENTERPRISES

JUDGEMENT

(1.) THE Department has sought to refer the following two questions of law :

(2.) THE relevant facts are that the assessee had sold the scrap generated during the course of its business and the sale proceeds thereof at Rs. 23,53,206 were offered as its taxable income. The AO held that such sale proceeds were not taxable income, the AO maintained the addition while working out the taxable income of the assessee. The assessee raised ground No. 8 in its grounds of appeal taken before the Tribunal. The Tribunal upheld the order of the CIT(A).

(3.) WE have heard Sri Prakash Krishna, learned counsel for the Department, and Sri Rajesh Kumar, learned counsel appearing for the assessee.