RAJ KUMAR BHARDWAJ Vs. COMMISSIONER INCOME TAX

JUDGEMENT

(1.) CROSS appeals have been filed against the orders dated 10.10.2003 & 16.03.2007 passed by the Income Tax Appellate Tribunal, New Delhi in I.T.A. No.17 & 3639/Del/2003 for the assessment year 1998 -99 by the assessee as well as by the department.

(2.) ON 13.04.2007, a Co -ordinate Bench has admitted the Appeal No. 16 of 2004 on the following substantial questions of law: -

(3.) THE brief facts of the case are that during the assessment year under consideration, the assessee was engaged in the business of manufacturing and sale of jewellery items. On 03.01.2001, the A.O. has passed an assessment order under Section -143(3). But on 21.11.2002, the C.I.T. has passed an order under Section -263 of the Act and enhanced the income of the assessee while making the addition of Rs. 2,73,879/ -. Being aggrieved, the assessee has filed an appeal before the Tribunal which was dismissed by impugned order. Still not being satisfied, the assessed has filed the present appeal.