COMMISSIONER OF INCOME TAX Vs. AMIT GUPTA

JUDGEMENT

(1.) THIS is an appeal under S. 260A of the IT, 1961 (for short, "the Act"), for framing of the following question of law and decision thereof by this Court :

(2.) WE have heard learned counsel for the appellant and have carefully perused the record. The respondent Amit Gupta is engaged in the business of sale and purchase of immovable property under the name and style of Gupta & Co. For the asst. year 1987 88, he filed a return declaring total loss of Rs. 90,910. Search and seizure operations were carried out at his residential as well as business premises under S. 132 of the Act and after considering the documents seized in the said operation, the AO passed an order under S. 143(3) of the Act on the total income of Rs. 4,26,940. The Commissioner of Income tax (Appeals), Jalandhar [for short, the "CIT (A)"], partly allowed the appeal of the assessee and gave him relief to the tune of Rs. 3,12,574. The assessee as well as the Revenue challenged the orders of the CIT(A) before the Income tax Appellate Tribunal, Amritsar (for short, "the Tribunal"). By an order dt. 27th May, 1999, the Tribunal allowed the appeal filed by the assessee along with similar appeals filed by him against the orders of the CIT(A) passed in relation to the asst. years 1973 74, 1974 75, 1977 78, 1979 80 and 1987 88. Simultaneously, the appeals filed by the Revenue were dismissed. The relevant extract of the Tribunal's order reads as under :