9911796707
TMI Blog2002 (4) TMI 33X X X X Extracts X X X X X X X X Extracts X X X X ..... ort point, it has been taken up for final disposal. The matter pertains to the assessment year 1993-94. The assessee filed returns of income on January 31, 1994, declaring the total income of Rs.1,29,000. In response to the notice issued under section 143(2) of the Act, the assessee appeared through his authorised representative and during the proceedings, it was found that the assessee had maintained two sets of accounts, one in respect of the processing division and the other in construction division. The business of the processing division was in the name and style of Girish Silk Mill. The construction division business was in the name of Garden Avenue Apartments. During the search proceedings under section 132 which were carried out o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hs. The Commissioner of Income-tax (Appeals) considered these contentions in the following terms: "I have carefully considered the submissions made by learned counsel for the appellant. It is seen that the appellant has given clear and unequivocal bifurcation of the undisclosed income of Rs.5 lakhs. In the bifurcation, the appellant has clearly mentioned that the amount of Rs. 3 lakhs has been spent for construction of Garden Avenue Apartment. It has also seen that in his statement under section 132(4) during the course of search, the appellant has also made it clear in reply to question No. 6 that a part of the undisclosed income has been used in building construction in apartment. The fact that the appellant has invested a part of undisc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Assessing Officer had merged.
Since the Tribunal has not appropriately considered the reasoning given by the Commissioner of Income-tax (Appeals) and has given its finding without dealing with the reasoning of the Commissioner of Income-tax (Appeals) reproduced hereinabove, we are of the view that the impugned order of the Tribunal cannot be sustained and the Tribunal should consider the matter on the merits in accordance with law. This appeal is accordingly allowed and the impugned order of the Tribunal is set aside with a direction to it to reconsider the Revenue's Appeal I.T.A. No. 3125/AHP of 1995 and take a fresh decision thereon in accordance with law expeditiously. There shall be no order as to costs. X X X X Extracts X X X X X X X X Extracts X X X X
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