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2014 (11) TMI 561 - HC - Income TaxRe-appreciation of evidentiary material permissible u/s 260A or not – Held that:- The Tribunal rightly observed that the assessee had made sales outside the books of account for which the additional capital was required - Parallel sets of books were maintained by the assessee - The AO as well as the Tribunal observed that the assessee has not placed any evidence on the record to justify that the sales which have been made as recorded in the seized material, were already recorded in the books of account - the AO has carried a due and proper exercise of a reasonable estimation to the best of his judgment- The grounds, which are sought to be raised in the submissions in support of the appeal, would essentially require the Court to re-appreciate the evidentiary material - This is not permissible under the jurisdiction u/s 260A of the Act – as such no substantial question of law arises for consideration – Decided against assessee.
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