9911796707
TMI Blog2016 (2) TMI 944X X X X Extracts X X X X X X X X Extracts X X X X ..... of Rs. 35,84,684/- on account of unexplained expenditure u/s 69C of the I.T. Act. 2. That the Commissioner of Income Tax(Appeals) has erred in law and on facts of the case in deleting and addition of Rs. 2,11,786/- on account of 50% disallowance of expenditure claimed by the assessee. 3. (a) The order of the Commissioner of Income Tax(Appeals) is erroneous and not tenable in law and on facts. (b) The appellant craves leave to add, alter or amend any/ all of the grounds of appeal before or during the course of the hearing of the appeal. 2. The facts in brief are that a search was conducted in the premises of the assessee on 20.10.2008. A notice under Section 153A of the Income-tax Act, 1961 (for short "the Act") was issued on 29.03.201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Aggrieved with the above additions, the assessee filed an appeal before the learned Commissioner of Income Tax(Appeals) who has decided the issued in paras 6.1 to 6.17 of her appellate order. The learned Commissioner of Income Tax (Appeals) directed the AO not to make any separate additions on account of purchase or expenditure but directed the Assessing Officer to work out the peak from the entries in the cash book, including bank transaction and make the addition accordingly. Aggrieved from the above finding of the learned Commissioner of Income Tax(Appeals), the Revenue is in appeal before us. 3. None appeared on behalf of the assessee, whereas learned CIT (DR) relied on the order of the Assessing Officer. 4. We have heard learned CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e ends of justice will be met if in each case, addition of the peak of financial transaction, as worked out from the relevant cash book of each entity, is made. Therefore, the addition made by the Assessing Officer needs to be revisited. It may be mentioned that while the rejection of the books and the book results by the Assessing Officer is confirmed, reliance is being placed on the transactions traversing the cash book, irrespective of their notations, since amongst the inflow and outflow of cash, tax payments made by the appellant are independent and verifiable. Consequently, no separate addition is required to be made on account of purchases or expenditure. The Assessing Officer is directed to work out the peak from the entries in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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