2011 (4) TMI 1239

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..... was made by MRS. CHITRA VENKATARAMAN J.- The assessment year under consideration is 1996-97. Based on the inspection conducted in the business premises on March 6, 1997, the assessing officer passed best of judgment assessment on the assessee, apart from levying penalty. The assessee filed an appeal before the Appellate Assistant Commissioner, who deleted the equal time addition. Considering t .....

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..... rted by purchase bills, there were no other materials, which warranted equal time addition towards probable omission. Taking note of the facts therein, the first appellate authority rightly cancelled the equal time addition. The fact that in the subsequent year, there was an inspection, which revealed suppression, by itself, would not be a good ground for sustaining the equal time addition in resp .....

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