PREMSWAROOP KHANDELWAL Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) Heard on the question of admission.

(2.) With the consent of the parties, the matter is finally disposed of.

(3.) The appellant claims to have been engaged in the business of trading of Soyabean, Maize and Wheat. He is regularly assessed to Income Tax. He submitted his return of income for the Assessment Year, 200203 declaring total income at Rs.1,49,420/. The Assessing Officer vide assessment order dated 31.03.2005 passed under Section 143 (3) of the Income Tax Act, (for short the Act) rejected the books of Accounts by applying provisions of Section 145 (3) of the Act and determined total income at Rs.32,66,603/ after making various additions including an addition of Rs.30,61,183/ in respect of the alleged investment made in respect of bogus purchases.