9911796707
TMI Blog2014 (5) TMI 1098X X X X Extracts X X X X X X X X Extracts X X X X ..... ee on 23/07/2012 is against the order of the CIT (A)-41, Mumbai dated 02/07/2012 for the assessment year 2006-07. 2. At the outset ld. Counsel for the assessee brought our attention to the additional ground and the same is reproduced as under.- "On the facts and circumstances of the case, the learned CIT(A) has erred in affirming the action of the AO in making the following additions made under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the ld. Counsel brought our attention to the submission that the additions made in the assessment which is completed u/s143(3) of the Act r.w.s. 153(C) of the Act do not have the support of any incriminating material seized during the search action u/s 132 of the Act from the premises of the searched party. Bringing our attention to the four additions narrated in the additional grounds, Ld. coun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. Counsel for the assessee filed a bank extract copy from the UTI bank (i.e. Axis Bank), and read out the closing balance at the end of the previous year at Rs. 32.50 and the same is exactly the same as reflected in the balance sheet referred to above. Considering the amount nature of the bank account, the additions made by the AO in this regard are not based on any incriminating material seized ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the additions made u/s 153C are sustainable. As there are no indications of any incriminating material having been found in the course of search to be used against the assessee, the same are deleted, as per our observations in para 21 above." 6. Regarding the addition of Rs. 3.60 lakhs, being income from Bombay Rayon Fashions Ltd, it is submitted that the Assessing Officer made estimated addit ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
