NARESH CHAND AGARWAL Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) Present appeal has been filed by the assessee-appellant under Section 260-A of Income Tax Act, against the judgment and order dated 28.09.2007 passed by the Income Tax Appellate Tribunal, Lucknow, in ITA No.507/Luc/07.

(2.) On 26.03.2008, a Coordinate Bench of this Court has admitted the appeal on substantial questions of law (i) and (iii), which are reproduced as under:-

(3.) The brief facts of the case are that during the assessment year under consideration, the assessee-appellant was engaged in the business of civil contract in his proprietary set up under the name and style 'M/s Naresh Chandra & Engineers'. The original return was filed on 31.10.1992, declaring therein income amounting to Rs.81,340/=. After the notice, on 24.03.1995, the assessment was completed under Section 143(3) of the I.T.Act, on a total income Rs.9,77,190/= by rejecting the books of account under section 145 of the Income Tax Act. Aggrieved with the order, assessee-appellant filed the first appeal, where a partial relief of Rs.94,426 was allowed to the appellant. Thus, the net income was worked out to Rs.8,82,760/=. In Second Appeal, the Tribunal has set aside the order and remanded the matter back to the A.O.