TMI Blog2014 (11) TMI 599X X X X Extracts X X X X X X X X Extracts X X X X ..... note for all the assessment years under Appeal – as such no substantial question of law arises for consideration – Decided against assessee. - TAX APPEAL NO. 117 of 2001 With TAX APPEAL NO. 180 of 2003 With TAX APPEAL NO. 181 of 2003 With TAX APPEAL NO. 182 of 2003 With TAX APPEAL NO. 183 of 2003 - - - Dated:- 14-10-2014 - MR. KS JHAVERI AND MR. K.J.THAKER, JJ. FOR THE APPELLANT : MR RK PATEL, ADVOCATE FOR THE RESPONDENT : MR VARUN K PATEL, ADVOCATE ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE KS JHAVERI) 1. By way of this Appeal, the assessee has challenged the judgment and order of the Income Tax Appellate Tribunal, Ahmedabad Bench 'A' dated 29.12.2000 whereby the Tribunal has reversed the findings of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... before the Commissioner of Income-tax (Appeals). The appellate authorities decided certain issues in favour of appellant and certain other issues were decided against the appellant. Being aggrieved by the order of the CIT (Appeals), the Revenue preferred appeals for the relevant three assessment years as stated above before Income-Tax Appellate Tribunal, Ahmedabad Bench on the issues which were decided in favour of the appellant by the CIT (Appeals). The Ahmedabad Bench of the Tribunal reversed the order of the CIT (Appeals) on various grounds and accepted the contentions of the appellant on certain grounds. 4. Learned Counsel for the appellant Mr. R.K. Patel contended that under the Scheme, the same and the issues were settled. Learned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... findings of CIT (Appeals) in the case of Shri Alkesh K. Shah, the salary of ₹ 20,400/- paid to Shri Alkesh K. Shah, cannot be added in the hands of the appellant and same is therefore, deleted. 4. Ground No.5 6 relates to the addition of ₹ 24,473/- being the bank interest and ₹ 12,670/- being dividend and interest earned by the wife of the appellant. These two grounds are not pressed and therefore, these are also dismissed. 5. Ground No.9 11 relates to an addition of ₹ 25,200/- being interest on promissory notes belonging to M/s. Dutt Intercom Services and ₹ 38,167/- being income of Smt. Ushaben M. Shah. 6.Learned Counsel for the appellant has drawn our attention to the Government Circular which w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d on that basis Assessing Officer made the addition. On appeal, learned CIT (A) deleted the addition of ₹ 1,65,000/- vide order dtd. 29.03.1993. Against this order, appeal was preferred by the revenue and during the pendency of appeal the assessee made a declaration under KVSS, 1998 in respect of revenue appeal. The Assessing Officer has made the addition in respect of interest of this promissory note of ₹ 1,68,000/- for all the three asstt. Years under appeal. By making declaration under KVSS, 1998 for the A.Y. 1986-87, in our opinion, the assessee has admitted that promissory note of ₹ 1,68,000/- pertains to him. Therefore, we are of the opinion that Assessing Officer is fully justified in taxing interest income on this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment years, we are of the opinion that cash flow statement needs verification at the end of Assessing Officer. We therefore, direct the Assessing Officer to make necessary verification and readjudicate the impugned addition made afresh after giving opportunity of being heard to the assessee and in accordance with law. The only other ground of appeal is ground No.1 in A.Y. 1989-90 which reads as under :- The learned CIT(A) has erred in law and on facts in deleting ₹ 12,499/- being interest from Empire Pumps Pvt. Ltd. as addition of ₹ 2,817/- being interest from Empire Pumps P. Ltd. disclosed by the assessee in the return of income ought to have been upheld. 7.1. After having both the sides, we feel that issue inv ..... X X X X Extracts X X X X X X X X Extracts X X X X
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