COMMISSIONER OF INCOME TAX Vs. AGARWAL ENTERPRISES

JUDGEMENT

(1.) This appeal by the Revenue challenges the order passed by the Income-tax Appellate Tribunal, Bench at Pune, dated November 8, 2011. The assessment year in question is 2005-06. The Revenue's appeal before the Tribunal raised two grounds. The first ground was that the Commissioner of Income-tax (Appeals) should not have deleted the addition of Rs. 27,63,920 made by the Assessing Officer under section 37(1) of the Act from out of the assessee's claim towards the keyman insurance premium.

(2.) The second ground was that a sum of Rs. 42,48,052 on account of under valuation of closing stock of shares and bonds was rightly added.

(3.) Mr. Vimal Gupta, learned senior counsel, appearing in support of this appeal, submits that all the four questions are formulated by the Revenue are substantial questions of law.