Court : Income Tax Appellate Tribunal ITAT Jabalpur
1. This is an appeal filed by the Revenue against the order of the Ld.CIT (A) dated 26.4.1999 wherein he has deleted the addition of Rs. 22,30,000 The grounds raised by the Revenue are as under: 1. On the facts and in the circumstances of the case, the Ld. CIT (A) erred in deleting the addition of Rs. 22,30,000 made by the AO as income from undisclosed sources.2. Originally the assessment was completed on Sri Satyapal Wassan.Thereafter legal heir Sri Naresh Wassan was substituted on the death of Sri Satyapal Wassan. It was reported that Sri Naresh Wassan had also expired on 5.10.2006. Thereafter Smt. Shraddha Wassan has been taken as legal heir on recor.3. The facts of the case are that the business and residential premises of Sri Satypal Wassan was searched in April, 1995. During the course of the search operations, various documents and books of accounts were seized. The impugned addition of Rs. 22,30,000 was based on a loose paper No. 7 of Annexure A-1/1-4 which was seized from the...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jabalpur
1. This appeal of the assessee is directed by the order passed by Ld.Commissioner (Appeals)-II, Jabalpur, dated 4-9-2006, relevant to assessment year 2001-02, wherein following three grounds have been raised. 1. That the order of the CIT (Appeals) in upholding the assessment order passed under Section 147 of the Income Tax Act, 1961 and issuance of notice under Section 148 of Income Tax Act, 1961 is illegal, erroneous and unjustified. 2. That on the facts and circumstances of the case, the Commissioner (Appeals)-Il was erroenous and unjustified while upholding that the provisions of Section 44AD of Income Tax Act, 1961 are applicable in the Appellant's case. 3. That on the facts and circumstances of the case, the C.I.T. (Appeals) is totally unjustified in not relying the Book result and upholding the application of 8% of net profit on gross receipts.2. The facts indicate that the business of the assessee as noted by Ld.Commissioner (Appeals) is buying plots, constructing residential h...
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