- (1.) Heard Sri. Alok Mathur, learned counsel appearing for the appellant, and Sri. Mudit Agarwal, learned counsel appearing for the respondent.
(2.) This appeal under section 260A of the Income-tax Act, 1961 (hereinafter referred to as the "Act, 1961") has arisen from judgment and order dated October 26, 2007 passed by the Income-tax Appellate Tribunal, Lucknow Bench "A", Lucknow in ITA No. 392/Luc/2005 for the block period April 1, 1996 to September 13, 2002.
(3.) The appeal was admitted on the following substantial question of law: "Whether the Tribunal as appellate authority had committed substantial illegality in considering the surrendered undisclosed income of Rs. 80 lakhs for the purpose of tax on the basis of material on record ?";