TMI Blog2017 (1) TMI 241X X X X Extracts X X X X X X X X Extracts X X X X ..... ere made in income-tax assessments as well as wealth-tax assessments of some connected assessees of this group on the basis of the statement of Mr. John Ashlyn. Several orders have been passed by the Tribunal in such cases deleting the additions so made. It is found that the ld. Commissioner of Income-tax (Appeals) also overturned the action of the Assessing Officer on the basis of the Tribunal or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appeals, following substantial questions of law were framed by this Court vide order dated 12.04.2004. 1. Whether in the facts and circumstances of the case and in law, the ITAT was right and justified in deleting the additions made by the Assessing Officer in the net wealth of the assessee, on account of undisclosed credit balance in the books of the firm M/s Salas S.A. Of Geneva and on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tax (Appeals) was challenged before the Tribunal and the claim of the assessee was allowed. The ld. Assessing Officer while passing the order on the directions of the first appellate authority made same additions. At this juncture, it would be relevant to mention that the additions were made to the net wealth of the assessee on account of undisclosed credit balance in the books of the firm M/s Sal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of the first appellate authority, being based on the Tribunal's orders, does not warrant any interference. Respectfully following the precedents, we uphold the impugned orders as announced in the open court. 3. The concurrent findings of fact given on the basis of earlier decision which was delivered by the Tribunal have attained finality and have not been challenged. In that view of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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