COMMISSIONER OF INCOME TAX Vs. HARIRAM BHAMBHANI

JUDGEMENT

(1.) THIS Appeal under Section 260A of the Income Tax Act, 1961 (the Act), challenges the order dated 8th August, 2012 passed by the Income Tax Appellate Tribunal (the Tribunal) for the Assessment Year 2006 -07.

(2.) THE Revenue has formulated the following question of law for our consideration:

(3.) ON 21st September, 2006, there was a survey operation under Section 133A of the Act on the Respondent -Assessee. During the course of the survey, it was noticed that the Respondent Assessee has not accounted some of the sales in the total turnover. In the statement recorded at the time of survey, the Director of Respondent Assessee declared a sum of Rs.35 lakhs should be offered to tax. However, thereafter, Respondent Assessee explained the statement as follows: