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Issues involved: Revenue's appeal against the order of Ld. CIT(A)-III dated 20-03-2009 regarding the addition of undisclosed income of the assessee.
Summary: 1. The Revenue appealed against the order of Ld. CIT(A)-III, Ahmedabad, challenging the restriction of the addition of undisclosed income of the assessee. The Revenue contended that the CIT(A) erred in law by not properly appreciating the facts and material brought on record by the Assessing Officer. 2. The brief facts of the case involved a search u/s 132 in the 'Manek Group' cases, where the assessee, a shareholder and director of certain companies, had undisclosed income assessed at Rs. 17,36,546/-. The CIT(A) provided relief to the assessee by considering the telescoping of undisclosed income of the group for acquisition of unexplained investments, citing the Apex Court's ruling in a similar case. 3. The CIT(A) relied on the group's acceptance of undisclosed income and tax payment in the appeals of the three group concerns, supporting the contention that the investments made by the appellant were funded by the undisclosed income of the group. The CIT(A) restricted the addition made by the AO to Rs. 8,31,645/-, granting relief to the assessee to the extent of Rs. 9,04,791/-, which constituted the value of unexplained investments. 4. The Tribunal upheld the order of Ld. CIT(A) based on the decisions in the cases of the three Group Companies, GMGB, MPCL & SRCI, as the related grounds of appeal were partly allowed. Consequently, the Revenue's appeal was dismissed, and the order passed by Ld. CIT(A) was upheld by the Tribunal.
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