- (1.) This order shall dispose of a bunch of five appeals bearing ITA Nos. 123 to 127 of 2014 as according to the learned counsel for the appellant, the facts and issues involved therein are identical. For brevity, the facts are being taken from ITA No. 123 of 2014.
(2.) This appeal has been filed by the assessee under Section 260A of the Income Tax Act, 1961 (in short "the Act") against the order dated 27.6.2013 passed by the Income Tax Appellate Tribunal, Chandigarh Bench "A", Chandigarh, in ITA No. 713/Chd/2010, for the assessment year 2007-08, claiming the following substantial questions of law:- "a) Whether on the facts and in the circumstances of the case, the Tribunal while affirming the order passed by the Assessing Officer acted illegally and perversely in recording its conclusions based on irrelevant findings and in ignoring uncontroverted relevant material on record b) Whether on the facts and in the circumstances of the case, the Tribunal was legally correct in applying the provisions of Section 68 of the Income Tax Act, 1961 while affirming the additions made by the Assessing Officer c) Whether on the facts and in the circumstances of the case, the Tribunal was legally correct in sustaining the addition made under Section 68 of the Income Tax Act, 1961 by the Assessing Officer contrary to the principles of natural justice and in undue haste d) Whether on the facts and in the circumstances of the case, the Tribunal was legally correct in sustaining the addition made by the Assessing Officer under Section 68 of the Income Tax Act, 1961 on the basis of statement recorded during survey under Section 133 of the Act which has no evidentiary value e) Whether on the facts and in the circumstances of the case, the impugned order passed by the Tribunal is perverse and a result of total non application of mind
(3.) Put shortly, the facts necessary for adjudication of the present appeal as pleaded therein may be noticed. The assessee in his individual capacity and as a Karta representing his HUF is engaged in the business of Brokerage/Trading in shares and commodities. A survey under Section 133A of the Act was conducted at the business premises of the assessee on 31.10.2007 and the statement of the assessee was recorded. Thereafter, the assessee filed his return for the assessment year 2007-08 declaring the income at Rs. 1,61,680/-. The Assessing Officer vide order dated 31.12.2009 (Annexure A-1) made an addition of Rs. 1,26,66,000/-. Since the assessee concealed the particulars of the income, penalty proceedings under Section 271(1)(c) of the Act were also initiated against the assessee. Feeling aggrieved, the assessee filed an appeal before the Commissioner of Income Tax (Appeals) [for short "the CIT(A)"]. The CIT (A) vide order dated 16.4.2010 (Annexure A-2) sustained the addition of Rs. 10,55,260/- thereby deleting the addition of Rs. 1,16,10,740/-. Against the order dated 16.4.2010 (Annexure A-2), the assessee as well as the revenue filed appeals before the Tribunal. The Tribunal vide order dated 27.6.2013 dismissed the appeals filed by the assessee and allowed that of the revenue. Hence, the present appeals by the assessee.;