9911796707
TMI Blog2013 (9) TMI 809X X X X Extracts X X X X X X X X Extracts X X X X ..... questions of law:- 1. Whether the ITAT erred in law in giving relief to the Assessee on basis of doctrine of "res-judicata", which is not applicable in tax proceeding. 2. Whether the ITAT has erred in law in deleting the addition of Rs.31,05,967/- on account of alleged income and unaccounted expenses and investment, ignoring the fact that assessee society was not maintaining books of account in regular course of business and for the same reason it was not entitled for exemption u/s 10 (23C) of the Act, 1961. 3. Whether the ITAT has erred in law in deleting the addition of Rs.11,83,249/- made on the basis of the valuer's report without giving sufficient opportunity to valuation officer to make his stand clear on this issue and passing the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the books of account subsequently prepared on the basis of the loose papers or material found at the time of survey is acceptable unless there is material showing that the books of account subsequently maintained was not proper or not in accordance with approved method of accounting. In the case under consideration no such contrary material was found that the books of account subsequently maintained were not in accordance with principle of accountancy. When the A.O made addition on the basis of loose paper which has been incorporated in the books of account and no defect otherwise has been found that those loose paper entries were recorded incorrectly. Under the circumstances when those entries pertaining to the loose papers have been inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hereby, that to the extent there is explanation from the assessee. After considering all the aspects of the matter, the CIT (A) deleted the addition of Rs.11,83,249/-. We, therefore, find that the CIT (A) has rightly deleted the addition of Rs.11,83,249/-. Order of the CIT (A) is confirmed on the issue. 12. We have heard the ld. representatives of the parties and records perused. It is admitted fact that the books of account prepared subsequent to survey was found in order. There is no provision under the Act that if the books of account are not found at the time of survey, the exemption under section 10 (23C) will be withdrawn. When finally at the time of assessment and before the CIT (A) the books of account was found in order, even othe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... considered all the points of objections raised by the assessee and found that these objections were never considered by the AO. It was also found that the difference in C.P.W.D. and P.W.D. rates were explained and which is upto 10% value. The deletion of Rs.11,83,249/- by the CIT (A) was confirmed by the ITAT. 8. On the last question as to whether the exemption under Section 10 (23C) of the Act could be withdrawn, the ITAT observed that such exemption does not depend upon books of account but it depends upon relevant provisions of the Act, and relied upon Kedarnath Jute Mfg. Co. Ltd v. CIT 82 Itr 363 (SC). 9. We do not find any error in the judgment of ITAT. There is no question of law much less a substantial question of law to be consid ..... X X X X Extracts X X X X X X X X Extracts X X X X
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