COMMISSIONER OF INCOME-TAX Vs. PRADEEP KUMAR TODI

JUDGEMENT

(1.) THIS is an appeal under Section 260A of the Income -tax Act, 1961 ['said Act' in short] against an order dated 5 -9 -2008 passed by Income -tax Appellate Tribunal ['said Tribunal' in short] pertaining to the assessment year 2003 -04.

(2.) ON or about 1 -12 -2003, the assessee submitted his return showing nil income. The Assessing Officer issued notices under Section 131 of the said Act to the brokers through whom the transactions took place. The said brokers appeared before the Assessing Officer and submitted necessary details. It appears from the records that the assessee, also, produced true copy of his demat account. The Assessing Officer held as many as nine hearings before passing his order of assessment on 21 -11 -2005 under Section 143(1) of the said Act.

(3.) THE assessee preferred an appeal before the said Tribunal.