UMESH KRISHNANI Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) THE facts in a capsulized form are necessary to be reproduced for comprehending the controversy in question in this Tax Appeal preferred by the assessee under Section 260A of the Incometax Act, 1961 ["Act" for short], being aggrieved by the order of the Income Tax Appellate Tribunal, Ahmedabad ["Tribunal" for short] dated 20th April 2012.

(2.) THE assessee is an authorized dealer of M/s. Reliance Industries Limited for sale of POY and filament yarn. He is also authorized dealer of M/s. Silvasa Industries Private Limited for texturized yarn. For the Assessment Year 2003 04, assessee filed his return of income declaring his total income at Rs.

(3.) ASSESSEE , aggrieved by such decision of the CIT [A], in yet another appeal, challenged the same before the Tribunal.