COMMISSIONER OF INCOME TAX Vs. RITESH KUMAR BOYED

JUDGEMENT

(1.) THE subject matter of challenge in this appeal is a judgment and order dated 16th May, 2013 by which the learned Tribunal allowed the appeal preferred by the assessee against an order dated 23rd March, 2012 passed by the C.I.T. in exercise of power under Section 263 of the Income Tax Act which reads as follows:

(2.) AGGRIEVED by the order of C.I.T. the assessee preferred an appeal which was allowed by the learned Tribunal by the impugned judgment and order holding inter alia as follows:

(3.) THE learned Tribunal, in its judgment, held that the purchases and the closing stock remained constant. If that is so, the sum of Rs. 1,52,83,632/ - is clearly to be added to the profits of the assessee.