- (1.) This appeal has been filed by the department under Section 260A of the Income Tax Act, 1961 against the judgment and order dated 6.2.2009 passed by the Income Tax Appellate Tribunal, Lucknow in I.T.A No. 875/Luc/2008 for the assessment year 2003-04.
(2.) Brief facts of the case are that the Assessee is Pvt. Ltd Company and engaged in the business of running of solvent extraction plant & sale of Rice Bran oil and Mustard oil etc. During the assessment year under consideration, the Assessee has filed the return showing details of income of Rs. 24,73,110/.The case was selected for the scrutiny. During scrutiny the A.O. after seeking clarification from the Assessee has made additions which were not only deleted by the first appellate authority but also by the Tribunal. Still not being satisfied, the department has filed the present appeal.
(3.) A Division Bench of this Court on 21.7.2009 has admitted the appeal on the following three substantial questions of law; Ist Question Whether the finding of the learned Income Tax Appellate Tribunal that the Assessing Officer has not given any finding while adding the difference of Rs. 40.00 lacs and Rs. 39.50 lacs between the closing balance on 31.3.2002 and the opening balance on 1.4.2002, while ignoring that the Assessing Officer has categorically stated in his order that in the absence of any clarification he is left with No. option except to treat the sum of Rs. 40.00 lacs +Rs. 31.50 lacs to have been paid out of books from the income not disclosed was not perverse.;