- (1.) The present appeal has been filed against the order dated 6th February, 2009 passed by the Income Tax Appellate Tribunal, Agra Bench, Agra, in I.T.A. No.64/Agr/2008 for the Assessment Year 2004-05.
(2.) The assessee is a private limited company registered under the Companies Act. It filed its return of income on 27th October, 2004. The returned income was not accepted b y the Assessing Officer and certain additions were made. The said order has been set aside in appeal by the Commissioner of Income Tax (Appeals), who accepted the returned income and the contention of the assessee. The Department carried the matter unsuccessfully before the Tribunal. In the memo of appeal the following three questions has been proposed. "(1) Whether on the facts and in the circumstances of the case, the Tribunal is justified in law in deleting the addition of Rs.6,30,00,000/- made by the A.O. By invoking the provisions of Section 68 of the Act on account of unexplained share capital and premium received by the assessee (2) Whether on the facts and in the circumstances of the case, the Tribunal is justified in law in deleting the disallowance of Rs.6,49,58,446/- made by the A.O. Under the various head as mentioned in the assessment order after rejecting the books of account of the assessee (3) Whether on the facts and in the circumstances of the case, the Tribunal is justified in law in coming to the conclusion that since no material defects has been pointed out by the A.O., therefore, provision of Section 145(3) cannot be invoked, especially when assessing officer in his assessment order has pointed out numerous defects in books of account and thereafter resorted to Section 145(3) of the I.T. Act, 1961."
(3.) Heard Sri Shambhu Chopra, learned Standing Counsel for the Department and Sri Shubham Agrawal, learned counsel for the assessee-respondent.;