COMMISSIONER OF INCOME TAX-III Vs. LAKHBIR SINGH

JUDGEMENT

(1.) This is revenue's appeal filed under Sec. 260A of the Income Tax Act, 1961 (for brevity, 'the Act'), challenging order dated 24.8.2006, passed by the Income Tax Appellate Tribunal, Chandigarh Bench 'B', Chandigarh (for brevity, 'the Tribunal') in I.T. (SS) A. No. 42/Chandi/2003, in respect of block assessment period from 1.4.1988 to 8.1.1999 (A -III). The appellant -revenue has claimed that following substantial questions of law would arise for our determination:

(2.) Whether on the facts and circumstances of the case the Tribunal is correct in law to accept that some of the entries as recorded in the seized documents are correct and the other part in the same documents are incorrect?

(3.) Whether on the facts and circumstances of the case the Tribunal is correct to observe that the entries recorded in the seized diary are not correct in view of the specific provisions in Sec. 132(4A) of the Income Tax Act, 1961, which states that any books of accounts and other documents found in the possession or control of any person at the time of search belong to him, and the contents of such books of account and other documents are true?