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TMI Blog2013 (10) TMI 935X X X X Extracts X X X X X X X X Extracts X X X X ..... l question of law arises for consideration by the Court under Section 260-A of the Act – Decided against the Revenue. - Income Tax Appeal No. - 245 of 1999, Income Tax Appeal No. - 246 of 1999 - - - Dated:- 4-10-2013 - Hon'ble Sunil Ambwani And Hon'ble Surya Prakash Kesarwani,JJ. For the Appellant : Shambhu Chopra,A.Kumar,A.N Mahajan,B.Agarwal,D. Awasthi,G. Krishna,P.Krishna,R.K. Upadhyay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hich were in the form of cash book on which certain receipts and expenditure were noted, has estimated the assessee's business turnover at Rs.40 lacs on which net profit @ 6 % was taken at Rs.2,40,000/-, and which was added to the assessee's income. The unexplained investment in purchases on the estimated transactions of Rs.40 lacs was taken at Rs.23,50,000/-. This sum was also added to the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the unexplained turnover should be taken only at the figure of 12 days, which was recorded in the seized documents. The ITAT upheld the turnover of Rs.15 lacs estimated by CIT (A), and further observed that estimation of investment at Rs.6 lacs made by CIT (A) was excessive and estimated the investment at Rs.4 lacs. The ITAT thus allowed a relief of Rs.2 lakhs over and above the relief of Rs.19 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was correct in law in confirming the deletion, made by the Commissioner of Income-tax (Appeals) of the additions of Rs.31,330/- and Rs.1,03,148/- made by the Assessing Officer on the basis of the entries in the seized documents marked as Annexure B-8 and B-13 respectively? (3) Whether on the facts and in the circumstances of the case and the material available on record, the Income-tax Appellat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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