9911796707
TMI Blog2015 (2) TMI 1174X X X X Extracts X X X X X X X X Extracts X X X X ..... tted that there is a fall in GP of the assessee which the assessee could not explain, and therefore, the addition made at 1% of the turnover of the assessee at Rs. 1,34,836/- was quite justified. He submitted that the GP shown by the assessee for the relevant year was 6.96% in sari and dress material business, which were on the lower side. He referred to the relevant portions of the assessment order in support of the case of the Revenue. The learned counsel for the assessee has opposed the submissions of the learned DR. He submitted that the assessee has started a new proprietary concern by the name "Rakesh Fashion" , and there was practically no business in this concern in the earlier year. He submitted that there was a stock transfer wort ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce regarding cash deposits filed in the appellate proceedings without calling remand report, thereby violating the provision of Rule 46A of the IT Rules, 1962." 6. The learned DR submitted that the CIT(A) has deleted the addition of Rs. 2.46 crores which represents transaction in two undisclosed bank accounts of the assessee, and therefore, the aggregate of these bank accounts should have been added as income in the hands of the assessee. The learned counsel for the assessee submitted that the CIT(A) has already confirmed the addition of Rs. 22,58,223/- which represents the peak amount of both the undisclosed bank accounts combined together out of the total addition of Rs. 2.46 crores, and therefore, there is no merit in the grounds of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n account of closing bank balance in these two undisclosed bank accounts of the assessee with Axis Bank and ICICI Bank Ltd. and the addition has been wrongly deleted by the CIT(A). He referred to relevant portions of the assessment order in support of the case of the Revenue. The learned counsel for the assessee submitted that the peak amount in two undisclosed bank accounts has already been assessed as income in the hands of the assessee by the CIT(A), and therefore, no separate addition for closing balance in these two accounts should be made. The peak balance in these two undisclosed bank accounts added as income includes the closing balances as on the last date of the accounting period. 10. We have considered rival submissions and per ..... X X X X Extracts X X X X X X X X Extracts X X X X
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