1987 (5) TMI 56

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... three disputes: (1) Addition of Rs. 1,95,607 under s. 40A(3). (2) Addition of Rs. 18,000 pertaining to the High Denomination of Notes. (3) Assessment of the firm as Unregistered Firm. Originally the ITO made an addition of Rs. 2,49,016 by holding that the payment were made for bogus purchases made by the assessee from M/s Oriental Traders. The CIT(A) held that since the ITO had accept .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... endered 30 Notes of Rs. 1,000 to the Reserve Bank of India for encashment on 19th Jan., 1978. They were found in the consecutive number such as 594, 971, 72, 74, 75, 78, 79, 80, 81, 82 and 83. The cash balance of the assessee on 19th Jan., 1978 was Rs. 48,096 as per the books of the assessee. The assessee withdrew a sum of Rs. 30,000 from the bank on 26th Nov., 1977 which as per the bank's certifi .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... tted a copy of Form No. 12, appears to have been filed on 28th June, 1979 with acknowledgement No. 7776 and receipted by the despatch clerk, C-V Ward, Bombay. This also requires verification. 5. Keeping in view the facts and circumstances of the case, we are satisfied that the assessee was not given in adequate opportunity of being heard and the case proceeded before the CIT(A) on the materials .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X