2010 (8) TMI 634

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..... 61 (for brevity "Act 1961") challenging the order dated 30-7-2009 of the Income-tax Appellate Tribunal (in short "ITAT") in ITA No. 1788/DEL/2007 for the assessment year 2000-2001. By virtue of the impugned order, ITAT has deleted the addition of Rs. 49,55,300 made by the Assessing Officer (hereinafter referred to as "Assessing Officer") on account of income from undisclosed sources. 2. Briefly s .....

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..... gainst the order of the Assessing Officer before the Commissioner of Income-tax (Appeals) [hereinafter referred to as "CIT (A)"] and the same was allowed in favour of the assessee. 4. The revenue appealed against the order of CIT(A). By the impugned order, ITAT dismissed the revenue's appeal by observing that assessee had produced all details in respect of its transactions including copies of bil .....

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..... had produced copies of accounts, bills and contract notes issued by M/s. MKM Finsec Pvt. Ltd., and had been maintaining books of account as per Companies Act. The assessee had also demonstrated the purchase and sale of shares over a period of time as seen from the balance sheet's. In our opinion, the Assessing Officer has simply acted on the information received from the Investigation Wing without .....

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