ASSISTANT COMMISSIONER Vs. MADAN LAL GAGGAR

JUDGEMENT

(1.) HEARD .

(2.) LEARNED Counsel for the appellant. The following substantial question is framed at the time of admission:

(3.) THE assessee -firm has filed a return initially for the assessment year 1987 -88 on August 13, 1987, and declared total income of Rs. 47,671 and the assessment was also completed under Section 143(1) on the returned income on March 31,1987. However, later on this return for 1987 -88 filed on February 9, 1990, in pursuance of notice under Section 148 issued on February 6, 1990. The assessee showed income of Rs. 4,46,761 instead of Rs. 46,761 as per the original return and claimed loss of Rs. 1 lakh in mining business. However, the Assessing Officer disallowed the claim of loss and assessed the firm at Rs. 4,47,761. In his individual capacity including remainder Rs. 3 lakhs as his income. The amount of Rs. 3 lakhs surrendered by the assessee Sh. Madanlal out of Rs. 7 lakhs as noticed order under Section 132(5) was assessed in the status as individual and this has become final.