- (1.) This appeal under Section 260-A of the Income Tax Act, 1961 (hereinafter called as ''Act') has been filed assailing the order of the Income Tax Appellate Tribunal, Allahabad (hereinafter called as ''ITAT') dated 30.11.2012.
(2.) This appeal was admitted on 26.11.2013 on the following question of law:- "(1) Whether on the ITAT erred in law as well as on facts in deleting the addition of Rs.23,31,28,321/- made on account of investment in potatoes in disregard of all the evidences on record, and the fact that this belonged to one of the partners Raj Kumar Kesarwani. (2) Whether the ITAT has erred in law as well as in the facts and circumstances of the case in deleting the addition of Rs.37,30,710/- made on account of difference of cash balance as reflected in the balance sheet and cash as per seized documents on wrong appreciation of facts. (3) Whether the ITAT was justified in substituting it own views which were based on interpretation of word "either" as used by both the A.O. and C.I.T.(A) in coming to conclusion that case reflected was either bogus liability or unexplained cash. (4) Whether the ITAT has erred in law as well as in the facts and circumstances of the case in directing the A.O. to re-decide the issue by considering the books of accounts produced by the assessee, ignoring the provision of Section 142A."
(3.) Thereafter two additional substantial questions of law were added which are as under:- "1. Whether the ITAT is legally justified in reversing the concurrent finding of fact of the authorities below without appreciating the material on record 2. Whether the ITAT is legally justified in reversing the concurrent findings of fact of the authorities below in the balance of fresh material placed before it ";