RADHAKISHAN RAMNIRANJAN Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS appeal has been admitted in terms of the following question :

(2.) THIS appeal is directed against the impugned order of the Tribunal dt. 16th Aug., 2001. The assessee appellant has raised the issue regarding addition of Rs. 85,000 being unexplained investment in the purchases made under s. 69 of the IT Act. 1961.

(3.) THE Tribunal is directed to verify the fact whether the amount of Rs. 1,20,000 has been surrendered against excess stock found. On the basis of loose sheets found during the search. Further, whether the value of excess stock found exceeds Rs. 1,20,000. If value of excess stock exceeds it will be open to the Tribunal to add the balance excess amount found on the basis of loose slips. If the excess stock is not exceeding the value of Rs. 1,20,000, then, no addition is warranted on this account as the amount surrendered on account of excess stock covers the amount of loose sheets found during the search.