COMMISSIONER OF INCOME TAX Vs. RAKESH NAIN TRIVEDI

JUDGEMENT

(1.) This appeal has been filed by the Revenue under s. 260A of the Income -tax Act, 1961 (in short "the Act") against the order dt. 26th March, 2014 (Annex. A -III) passed by the Income -tax Appellate Tribunal, Amritsar Bench, Amritsar (hereinafter referred to as "the Tribunal") in ITA No. 300/Asr/2013 for the asst. yr. 2008 -09, claiming the following substantial question of law:

(2.) Learned counsel for the Revenue in support of its case has relied upon the judgment of Allahabad High Court in CIT vs. Surendra Prasad Agrawal : (2005) 194 CTR (All) 161 : (2005) 275 ITR 113 (All). On the other hand, learned counsel for the assessee has placed reliance upon the judgments in CIT vs. J.K. D'Costa, (1984) 147 ITR (St) 1, CIT vs. Subhash Kumar Jain : (2011) 335 ITR 364 (P & H), Addl. CIT vs. J.K. D'Costa : (1981) 25 CTR (Del) 224 : (1982) 133 ITR 7 (Del), CIT vs. Jagriti Aggarwal : (2011) 245 CTR (P & H) 629: (2011) 64 DTR (P & H) 333 : (2011) 339 ITR 610 (P & H) and CIT vs. Jagtar Singh Chawla : (2013) 259 CTR (P & H) 388 : (2013) 87 DTR (P & H) 217 : (2013) 215 Taxman 154 (P & H).

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