PUSHAM BANSAL Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE assessee has filed the present appeal under Section 260A of the IT Act, 1961 (for short 'the Act') against the order of the Income Tax Appellate Tribunal, Delhi Bench, Delhi (for short the "Tribunal") passed in ITA No. 5153/Del/2004 dt. 9th Feb., 2007 for the asst. yr. 1996 -97 raising the following substantial questions of law:

(2.) THE assessee, who is the proprietor of M/s Vikas Enterprises is in the lottery business. During the impugned year, the assessee filed the return of income at an amount of Rs. 97,290 on 30th March, 1998 which was processed under Section 143(1)(a) of the Act on 31st March, 1998. Case was selected for scrutiny and assessment was made under Section 144 on 15th March, 1999 at an amount of Rs. 45,90,048 making therein the following additions:

(3.) IT is also relevant to mention here that during the intervening period vide order dt. 30th March, 2002, the AO, in compliance of the order dt. 4th April, 2004 of the CIT(A) made the addition of Rs. 25 lakh as undisclosed income on account of investment of the assessee in the form of FDRs. The assessee filed an appeal against the said order before the CIT(A), who vide his order dt. 20th Feb., 2004 dismissed the appeal filed by the assessee. The operative part of the order of the CIT(A) is reproduced: