TMI Blog2011 (5) TMI 369X X X X Extracts X X X X X X X X Extracts X X X X ..... er alia, observing that the net income had been taken @ 15% at the receipt - The learned counsel for the Revenue is that the purported expenditure of Rs.26,88,450/- on account of cycle rickshaw publicity & video van publicity as well as banners etc. is accepted without any proof thereof - Accordingly, the matter is remitted back to the AO who shall verify the records of the assessee and go into t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Income-Tax Act (hereinafter referred to as the Act ) for the assessment year 1995-96. Reassessment order was passed on 27th March, 2001 making additions on three counts. However, in the present proceedings we are concerned with only one addition, which is the subject matter of appeal preferred by the Revenue. It pertains to difference of gross receipts in the sum of Rs.43,23,457/-. It was f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncluded the amount of Rs. 11,98,350/- received on account of wall painting. The assessee had also spent a sum of Rs. 26,88,450/- on cycle rickshaw publicity video van publicity as well as banners and, therefore, net amount was taken to the profit and loss account. The CIT (A) accepted this explanation and deleted the addition, inter alia, observing that the net income had been taken @ 15% at the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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