Commissioner of Income Tax vs Modern Engineering Works

The Revenue is aggrieved by an order dated December 5, 2006 passed by the Income Tax Appellate Tribunal, Delhi Bench "B" in IT(SS) No. 124/D/ 2004 relevant for the block period from April 1, 1990 to March 19, 2001. According to learned Counsel for the Revenue, a search was carried out in the premises of the Assessee and several documents were recovered relating to loans totalling Rs. 43,86,325 which, according to the Revenue were not disclosed by the Assessee.

The Commissioner of Income Tax (Appeals) as well as the Tribunal have concurrently found that the loans were disclosed by the Assessee not only in the audit reports and balance-sheets but were also mentioned in the regular returns of income for the assessment years 1992-93 to 1997-98 with the Assessee giving details of the names, addresses and amount of loan from each depositor.

Under the circumstances, it can hardly be said that the loans were not disclosed.

We find no reason to differ with the concurrent finding of fact given by both the authorities.

No substantial question of law arises.

Dismissed.