- (1.) THIS appeal under s. 260A of the IT Act, 1961 ('the Act') has been preferred by the Revenue aggrieved against order dt. 30th March, 2012 passed by the Income -tax Appellate Tribunal, Jodhpur Bench, Jodhpur ('the Tribunal'), whereby, the appeal preferred by the Department against order dt. 22nd Feb., 2010 passed by the CIT(A), Jodhpur was dismissed. The facts in brief are that the return of income for the asst. yr. 2007 -08 was filed by the assessee on 31st Oct., 2007 declaring total income of Rs. 75,59,309 and the assessment was completed under s. 143(3) of the Act on 21st Dec., 2009 at a total income of Rs. 1,60,04,266 by making addition/disallowance of Rs. 84,44,957 on various issues.
(2.) THE appeal preferred by the assessee before the CIT(A) was partly allowed and the plea raised by the assessee regarding reducing the carry forward long -term capital loss from Rs. 50,91,592 to Rs. 11,42,535, addition of Rs. 65,000 made on account of notional interest on advance given to J.K. Cement and disallowing expenses of Rs. 38,29,125 under s. 40(a)(ia) of the Act was accepted.
(3.) ON appeal, the Tribunal vide its order dt. 30th March, 2012 upheld the findings of CIT(A) on all the three issues and dismissed the appeal filed by the Department. It is submitted by learned counsel for the appellant that the findings recorded by the Tribunal are ex facie contrary to the facts and law and the same have not been examined objectively by the Tribunal.;