TMI Blog2007 (1) TMI 163X X X X Extracts X X X X X X X X Extracts X X X X ..... appellant. JUDGMENT The judgment of the Court was delivered by CHITRA VENKATARAMAN,J- 1. This tax case appeal is filed under Section 260-A of the Income Tax Act, 1961 by the Revenue raising the following questions of law: "1. Whether in the facts and circumstances of the case, the Tribunal was right in allowing the assessee to produce a confidential note of the department in respect of a subsequent assessment year, and relying on the same? 2. Whether in the facts and circumstances of the case, the Tribunal was right in ignoring the factual findings of the assessing officer, and going only by the confidential note in respect of a subsequent assessment year?" 2. The assessee claimed an expenditure of Rs.14.60 lakhs as lea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nciers. Consequently, the Commissioner of Income Tax rejected the appeal. 3. On appeal before the Tribunal, it was noted that the cost of steel rolls in this particular case had not been referred for any valuation. In the course of argument, the assessee referred to the assessment records in his own case for the immediate succeeding year 1997-98. The document relied on by the assessee is related to a note pertaining to the assessment year 1997-98. It was noted therein that the rate for each roll is different depending upon its specifications. The note relied on by the assessee stated as follows: "The value of Rolls utilized in the assessee's factory is more than Rs.60,000/-. The value estimated in the assessment order for 1996-97 is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reliance on the invoice price for purchase of 12 rolling mills at Rs.1,75,136/- and that the same items had been sold by the Lakshmi Steels, a sister concern of the assessee to Swarnadhara Credit Corporation Limited at Rs.6 lakhs and the same taken on lease by the assessee claiming huge lease rental payments. She contended that instead of going into the question of how the assessee got the copy of confidential note, the Tribunal erred in extracting it as a part of the order to allow the claim. 7. The appeal lacks merits and has to be rejected at the admission stage itself. The objection stated in the appeal is solely on the Tribunal passing its order on the strength of the view of the Department for the subsequent year. We failed to se ..... X X X X Extracts X X X X X X X X Extracts X X X X
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