SUNDER CHHABRA Vs. DEPUTY COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) This appeal has been preferred by the Assessee under Section 260A of the Income Tax Act, 1961 (in short "the Act") against the order dated 30-10-2009 passed by the Income Tax Appellate Tribunal, Amritsar Bench, Amritsar (hereinafter referred to as "the Tribunal") in ITA No. 351/Asr/2009 for the assessment year 2006-07 proposing following substantial question of law:

(2.) Put shortly, the facts as narrated in the appeal are that the Assessee filed its return for the assessment year in question on 26-10-2006 showing an income of Rs. 13,60,026 on which the tax was paid. During the course of assessment, the assessing officer disallowed unsecured loan of Rs. 73,145 obtained from Smt. Rosy wife of the Assessee and Rs. 1,02,745 from Shri Sanjeev Kumar, HUF. The assessing officer made an addition of Rs. 3,80,364 and assessed the total income at Rs. 17,40,390. Feeling aggrieved, the Assessee took the matter in appeal and the CIT (A) (in short "the CIT (A)") sustained the addition of Rs. 1,74,140 under Section 68 of the Act and partly accepted the appeal vide order dated 12th June, 2009. On further appeal by the Assessee, the Tribunal partly allowed the appeal on other grounds and had sustained the addition for the loans received by the Assessee under Section 68 of the Act. Hence, the present appeal by the Assessee:

(3.) We have heard learned Counsel for the Appellant.