GYARSI LAL VIJAY Vs. CIT & ORS

JUDGEMENT

(1.) Instant income tax appeal u/sec.260A of the Income Tax Act, 1961 is directed against the order dt.28.9.2001 passed by Income Tax Appellate Tribunal, Jaipur Bench, Jaipur. It relates to the assessment year 1991-92. Following questions of law were admitted by this Court :-

(2.) However counsel during the course of hearing restricted his arguments to question No. 3 only. The claim of the counsel is that in the instant case trading addition of Rs. 3,56,181/- was made by the Assessing Officer on the finding that during the course of search and seizure incriminating documents, diaries were found by the authorized officers of the Revenue Department, where unrecorded purchases were found noticed and therefore the AO made aforesaid trading addition of Rs. 3,56,181/-. The AO also found that there were cash credits in the name of 4 persons namely

(3.) The appeal having been assailed before the CIT (A) resulted into dismissal of the same. A further appeal filed by the assessee before the Tribunal resulted into partial relief and insofar as the trading addition is concerned the matter was restored back to the AO with certain directions however the addition relating to cash credit of Rs. 60,000/- was upheld.