COMMISSIONER OF INCOME TAX Vs. DEEPAK CHOURASIA

JUDGEMENT

(1.) SHRI Sanjay Lal, learned counsel for the appellant. Both these appeals have been filed by the department under Section 260A of the Income -tax Act, 1961 and they arise out of a common order for the assessment years 2008 -09 and 2009 -10. As the question of law and facts pleaded are the same they are being disposed of by this common order.

(2.) THE concurrent orders passed by the Commissioner of Income -tax (Appeals) and the Tribunal are challenged in both these appeals.

(3.) FOR the assessment year 2008 -09 the Assessing Officer taking into consideration the material that came on record assessed the income for the year 2008 -09 at Rs. 27,97,720/ - and added certain income on account of undisclosed sales of stock and interest on Hundi loan. When the matter went to the appellate authority, the Commissioner, Income -tax (Appeals) found that the assessment of stock was made by considering open stock as on 01/04/2008 at Rs. 55,74,475/ - and by computing the closing stock without actual referring to the stock in terms of reconciliation statement submitted by the appellant. The Tribunal also considered this aspect and remanded the matter back with the following directions: - -