BHARAT BHUSHAN PARSOON, J. - (1.) THESE two income tax appeals under Section 260Aof the Income Tax Act, 1961 (for short, the 1961 Act) aredirected against order of the Income Tax Appellate Tribunal,Chandigarh Bench -A, Chandigarh passed in ITA No.718/CHD/2011 dated 28.9.2011 for assessment year 2007 -08.
(2.) BOTH these appeals are being decided by thiscommon judgment as matter in issue to be adjudicated is thesame. For convenience and clarity, facts have been taken fromITA No.86 of 2012 and decision is being rendered in both thesaid appeals. Facts of the case: The appellant, who is a proprietor of the firm, is acommission agent, engaged in the business of trading in food grains. On 19.1.2007, a survey under Section 133 -A of the1961 Act was carried out on the business premises of theappellant. During the course of survey proceedings vide letterAnnexure A -1, there was surrender of an amount of Rs.6.00lacs. Later on, the said amount was disclosed by the assessee by crediting it in profit and loss account vide Annexure A -2.Return of income was filed by the assessee declaring an income of Rs.87,997/ -. Scrutiny proceedings which wereinitiated by way of issuance of notices under Sections 143(2)and 142(1) of the 1961 Act culminated in assessment at anamount of Rs.29,93,210/ - vide order dated 30.12.2009(Annexure A -4).
(3.) AGGRIEVED by this assessment order, challenge tothe same was made before the Commissioner of Income Tax(Appeals), Karnal. Accepting some of the pleas of the appellant - assessee, his appeal was partly allowed vide orderdated 28.3.2011 (Annexure A -6). This order wasunsuccessfully challenged by the assessee as also by therevenue. Order of the Income Tax Appellate Tribunal is of28.9.2011 (Annexure A -8) vide which the appeal was dismissedwhile appeal of the assessee was partly allowed.;