NIRPAL SINGH Vs. 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 November 28, 2008, annexure A 4, passed by the Income -tax Appellate Tribunal, Amritsar Bench, Amritsar (in short, "the Tribunal"), in I.T.A. No. 405 (ASR)/2008, for the assessment year 2005 -06, claiming the following substantial questions of law:

(2.) WHETHER the Tribunal is right in law and facts of the case in making an addition of Rs. 5,79,586 in the hands of the assessee -appellant on the basis of the report of the Departmental Valuation Officer, as an unexplained investment under section 69 of the Income -tax Act, 1961?

(3.) AFTER hearing learned counsel for the parties, we find merit in the submission made by the learned counsel for the assessee.