COMMISSIONER OF INCOME TAX, FARIDABAD Vs. NARESH JINDAL

JUDGEMENT

(1.) The delay in refiling the appeal is condoned.

(2.) The revenue has preferred this appeal under Section 260A of the Income Tax Act, 1961 (in short, "the Act") against the order dated 18.5.2012, Annexure A.III passed by the Income Tax Appellate Tribunal, Delhi Bench 'E' New Delhi (in short, "the Tribunal) in ITA No.2462/Del/2011 for the assessment year 2007-08, claiming following substantial questions of law:-

(3.) A few facts relevant for the decision of the controversy involved as narrated in the appeal may be noticed. The assessee is an individual. He was running two proprietorship concerns at the relevant time namely M/s Jindal Enterprises and M/s Indosun Global. For the assessment year 2007-08, he filed his return on 31.10.2007 declaring total Income at nil. After hearing the assessee, the Assessing Officer passed assessment order under Section 143(3) of the Act on 31.12.2009. He determined the taxable Income of the assessee at Rs. 52,64,659/-. The following additions/disallowances were made by the Assessing Officer:-