The Commissioner Of Income Tax v. I.t.a

The Commissioner of Income Tax Vs. Smt. Sakuntala Devi Gupta 09/01/2014 Shri Sanjay Lal, learned counsel for the appellant. This is an appeal under Section 260A of the Income Tax Act, 1961 filed by the Revenue for the block year 1989-99 in the matter of assessing the individual income of the respondent. The only dispute canvassed in this appeal pertains to reducing an addition of `1,27,000/- made by the assessing authority to `28,000/- and further deleting an addition of `1,60,000/- from the income of the assessee. The aforesaid deduction as ordered by the Assessing Officer has been interfered with by the learned Commissioner, Income Tax and upheld by the Tribunal. The concurrent orders passed by the Commissioner and the Tribunal have been challenged in these proceedings. A perusal of Para-36 of the appellate order goes to show that the tribunal upheld the addition based on certain judgment of this Court in the case of CIT Vs. Purushottam Lal Tamrakar (A.No.104/1999) decided on 10[th] of March, 2003 and after considering the fact that the deletions and additions of the investments is on the basis of maturity of the Fixed deposits and once for the said deposits, tax was assessed in the previous year, there cannot be reassessment in the subsequent year. I.T.A.No.218/2012 The Commissioner of Income Tax Vs. Smt. Sakuntala Devi Gupta Having heard Shri Sanjay lal, learned counsel for the department and on going through the findings recorded by the Commissioner, Income Tax and the Tribunal, we see no substantial question of law involved in the matter warranting reconsideration. Accordingly, the appeal is, therefore, dismissed. (Rajendra Menon)(Anil Sharma)Judge Judge