- (1.) We have heard Sri Shambhu Chopra for the appellant. Sri S.K. Garg appears for the respondent-assessee. This Income-tax Appeal under section 260A of the Income-tax Act, 1961, filed by the Department is directed against the order dated May 31, 2001, passed by the Income-tax Appellate Tribunal, Agra Bench, Agra, in I.T. A. No. 7152/Del/1992 for the assessment year 1988-89.
(2.) The assessee-company is engaged in the business of running a cold storage. For the assessment year, the Assessing Officer made an assessment under section 143(3) of the Act on March 16, 1992, on a total income of Rs. 25,59,137. The Assessing Officer made additions on account of unexplained share capital, unexplained share application money, unexplained sundry creditors, difference in the cost of construction being unexplained investment, FDRs purchased by the company, loading and unloading and salary expenses.
(3.) The Commissioner of Income-tax (Appeals) allowed the appeal on July 31, 1992, deleting the addition of Rs. 15,07,920 made against the unexplained share capital, Rs. 3,13,500 out of the addition made against the unexplained share application money of Rs. 4,68,100, and Rs. 46,500 out of the addition made against the difference in the cost of construction of Rs. 2,47,994, and confirmed the other additions made by the Assessing Officer. The Commissioner of Income-tax (Appeals) revised his earlier order dated July 31, 1992, and allowed further relief of Rs. 54,800 and Rs. 20,848 out of the total addition of Rs. 3,05,493 made on account of the unexplained sundry creditors for goods and expenses.;