COMMISSIONER OF INCOME TAX Vs. MANDEEP SINGH

JUDGEMENT

(1.) THE Revenue has preferred this appeal under Section 260A of the Income Tax Act, 1961 (for short, "the Act") against order dated 31.12.2008 of the Income Tax Appellate Tribunal, Chandigarh Bench 'B', Chandigarh passed in I.T.A. No. 754/Chandi/2008 for the assessment year 2004 -05, proposing to raise following substantial questions of law:

(2.) THE assessee deals in electronic items and is distributor of Spice mobile connections. During assessment, the Assessing Officer made additions on account of unsecured loans and other deficiencies including discount debited to P&L account. The CIT(A) upheld the plea of the assessee, which order has been affirmed by the Tribunal. As regards unsecured loans, it was observed that the Assessing Officer failed to call the alleged creditors for evidence inspite of request of the assessee. Other deficiencies were also held to have been duly explained. The observations of the Tribunal are as under:

(3.) THE findings of the Tribunal on the questions raised are findings of fact based on evidence and are not shown to be perverse. No substantial question of law arises.