SHAKUN MEHTA Vs. COMMISSIONER OF INCOME TAX, HISAR

JUDGEMENT

(1.) This appeal has been preferred by the assessee under Sec. 260A of the Income Tax Act, 1961 (in short "the Act") against the order dated 7.11.2014 (Annexure A -3) passed by the Income Tax Appellate Tribunal, Chandigarh Bench "A", Chandigarh (hereinafter referred to as "the Tribunal") in ITA No. 901/CHD/2012, for the assessment year 2009 -10, claiming the following substantial questions of law: -

(2.) Briefly stated, the facts necessary for adjudication of the instant appeal as narrated therein may be noticed. The assessee filed return of income on 26.6.2009 declaring an income of Rs. 2,14,820/ -. The assessment was framed by the Assessing Officer vide order dated 30.12.2011 (Annexure A -1) by making addition of Rs. 43,00,000/ -. Feeling aggrieved, the assessee filed an appeal before the Commissioner of Income Tax (Appeals) [for brevity "the CIT(A)"]. The said appeal was allowed by the CIT(A) vide order dated 18.6.2012 (Annexure A -2) and addition of Rs. 43,00,000/ - made by the Assessing Officer was deleted. Against the order, Annexure A -2, the revenue filed an appeal before the Tribunal who vide order dated 7.11.2014 (Annexure A -3) set aside the order of the CIT(A) and restored that of the Assessing Officer. Hence, the present appeal by the assessee.

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