- (1.) This appeal has been filed by revenue, against the judgment of the Tribunal dated 2-2-2005, accepting the appeal of the assessee, and deleting the addition made by the assessing officer, and confirmed in appeal, so also treating Form No. 12 to have been filed on 26-1-1992, and at the same time, holding, that the assessing officer has not verified the statements made by the assessee.
(2.) The appeal was admitted by framing following three substantial questions of law: 1. Whether in the facts and circumstances, the Tribunal was justified in deleting the addition and setting aside the order of assessing officer as confirmed by Commissioner (Appeals) without assigning any reasons for taking a different view than what has been taken by authorities below 2. Whether there was any material before the Tribunal to reverse the findings reached by the lower authorities about the state of affairs of the books of accounts produced by (sic. before) the assessing officer and consequently resorting to best judgment assessment
(3.) Whether in the facts and circumstances of the case, the Tribunal was justified in law in allowing registration of the firm under Section 184(7) of the Act of 1961 without there being any application having been moved when according to the admitted case of the assessee the earlier counsel has failed to produce the application of the registration of the firm 3. So far as first two questions are concerned, order of the Tribunal shows, that all the Tribunal has done, is to quote the observations of the learned Commissioner (Appeals), made in para 3.1, then has reproduced the submissions, made on behalf of the assessee, and then has straightway, held as under: I am convinced that the assessee had maintained proper books which were only audited and the assessee had traded for only five months starting from October to February, I accept the ground of appeal and set aside the findings of the Commissioner (Appeals) and delete this addition. It is required to be grasped, that the learned Tribunal under the scheme of things, is a final court of fact as appeal under Section 260A, lies only on substantial questions of law, with the consequence that, learned Tribunal is required fo go into all factual aspects of the matter, appreciate them and then record its own findings.;