(1.) The assessee has come up in appeal under Sec. 260A of the Income Tax Act, 1961 (hereinafter referred to as the 'Act') against a judgment and order passed by the Income Tax Appellate Tribunal, 'D' Bench, Kolkata in ITA No. 2541 (Cal) of 2003 dated 29th April, 2004 pertaining to the assessment year 1996 -97.
(2.) The following substantial questions of law arise for determination in the instant appeal: - -
(3.) Briefly stated the facts and circumstances of the case are as follows: - -