IQBAL SINGH Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) This appeal has been preferred by the asses-see under Section 260A of the Income-tax Act, 1961 (in short "the Act") against the order dated December 31, 2008, passed by the Income-tax Appellate Tribunal, "B" Bench, Chandigarh (hereinafter referred to as "the Tribunal") in I. T. A. No. 109/CHANDI/2008 for the assessment year 2004-05, proposing to raise the following substantial questions of law:

(2.) The facts necessary for adjudication of the present appeal may be noticed. The Assessee is engaged in agricultural operations which was exempted from tax. Upon notice dated November 30, 2005, issued by the Assessing Officer, the Assessee filed his return declaring an income of Rs. 2,20,000 from agriculture and taxable income as nil. The Assessing Officer made additions of Rs. 9,30,500 and Rs. 15,10,000 on account of various deposits in the bank accounts and Rs. 36,544 on account of interest accrued in the bank accounts. The total assessment was made at Rs. 24,65,040 plus agricultural income of Rs. 1,32,000. Against the order of the Assessing Officer, the Assessee approached the Commissioner of Income-tax (Appeals) (in short "the CIT (A)) who upheld the order of the Assessing Officer. On further appeal, the Tribunal affirmed the order of the Commissioner of Income-tax (Appeals) and dismissed the appeal.

(3.) We have heard learned Counsel for the parties and perused the record.