TMI Blog2003 (12) TMI 6X X X X Extracts X X X X X X X X Extracts X X X X ..... gly admit this revenue’s appeal. - - - - - Dated:- 19-12-2003 - Judge(s) : D. K. JAIN., MADAN B. LOKUR JUDGMENT The judgment of the court was delivered by D.K. Jain J. - This appeal by the Revenue under section 260A of the Income-tax Act, 1961 (for short "the Act"), is directed against the order dated June 26, 2002, passed by the Income-tax Appellate Tribunal, Delhi Bench "B", New Delhi (for short "the Tribunal"), in I.T.A. No. 6092/Delhi of 1996, pertaining to the block period 1986-87 to 1995-96 and latest block period from April 1, 1985, to October 13, 1995. According to the Revenue, the order involves the following substantial questions of law: "(a) Whether, on the facts and in the circumstances of the case, the Tribunal was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n for the said period on August 27, 1996, declaring undisclosed income at Rs. 14 lakhs. The break up of the undisclosed income was as under: Rs. (a) Undisclosed cash 5,13,650 (b) Excessive stock 6,07,900 (c) On account of incriminating loose papers, expenses, undisclosed assets, marriage expenses 2,78,450 Total 14,00,000 After making detailed enquiries, the Assessing Officer computed the total undisclosed income for the block period at Rs. 37,81,647. One of the undisclosed income so determined, with which we are directly concerned in the present appeal, was an amount of Rs. 9,10,000, computed as profits on sales outside the books of account. The othe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the file of the Assessing Officer for reconsideration the additions made on account of unexplained cash or unexplained investment in stocks. The submission is that till the quantum additions on account of unexplained cash recovered from the residence of the assessee and the value of the undisclosed stocks are finally determined, it could not be said that the profit earned on sales outside the books of account formed part of the amounts surrendered by the assessee, as has been held by the Tribunal. Mr. Aggarwal, learned counsel for the assessee, on the other hand, while supporting the order of the Tribunal, has submitted that additions having been made on account of unexplained cash and the value of undisclosed assets, a further addition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it is an open question in the sense that it is not finally settled by the Supreme Court; or (iv) is not free from difficulty; and (v) it calls for discussion for alternative views. Applying the above tests to the facts in hand, we are of the view that the issue raised by the appellant deserves consideration. As noted supra on the one hand, after noticing that though at the time of search the assessee had surrendered an amount of Rs. 10,10,000 odd while filing the return for the block period the assessee had returned only an amount of Rs. 5 lakhs odd as undisclosed income, the Tribunal has restored the addition on this account to the file of the Assessing Officer for verification whether specific withdrawals as claimed by the assessee wer ..... X X X X Extracts X X X X X X X X Extracts X X X X
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