SUDHIR AGARWAL,J. - (1.) We have heard Sri Subham Agarwal, learned counsel for appellants and Sri Ashish Bansal, learned counsel for respondent.
(2.) This appeal under Section 260-A of Income Tax Act, 1961 (hereinafter referred to as 'Act, 1961') has arisen out of judgement and order dated 30.06.1999 passed by Income Tax Appellate Tribunal, Allahabad Bench 'A', Allahabad (hereinafter referred to as 'Tribunal') in I.T.A. No.1377 (All) of 1997, allowing assessee's appeal partly.
(3.) Appeal was admitted on following substantial questions of law: "(1) Whether in view of Section 292 B of Income Tax Act, 1961, notice under Section 158BC dated 12.12.1996 issued in the name of assessee-company M/s Monga Steels (P) Limited, is invalid and illegal? (2) Whether Income Tax Appellate Tribunal was justified in holding that notice under Section 158BC is equivalent to the notice under Section 148 of Income Tax Act? (3) Whether in view of Section 131 and 131(1A) of Income Tax Act, Assistant Director of Income Tax (Investigation) was justified in recording statement and taking evidence consequent upon search under Section 132(1) of Act? (4) Whether in view of Taxation Laws Amendment Act, 1987, Income Tax Appellate Tribunal was not justified in holding that the seized material on record could not be handed over to Assistant Commissioner of Income Tax by completely overlooking the fact that the word 'Income Tax Officer' was substituted by the word 'Assessing Officer' by the aforesaid Amending Act of 1987? (5) Whether no opportunity of hearing is required to be given by Commissioner, Income Tax prior to approval under Section 158BG? (6) Whether Income Tax Appellate Tribunal was justified in deleting the additions of Rs.3,42,357/- with regard to the investment in the factory building even though valuation report fully justify addition made by Assessing Officer? (7) Whether on the basis of duplicate sets of accounts and papers seized during the course of search, additions of Rs.1,53,28,028/- could not be legally deleted by Tribunal? (8) Whether Income Tax Appellate Tribunal was not justified in deleting addition of Rs.18,00,000/- towards working capital, Rs.33,85,210/- towards addition on account of undisclosed business income and addition of Rs.21,99,000/- worked out of excess stock of scrap found during the course of search apart from the addition of Rs.89,33,128/- as unexplained introduction of cash amount?" ;