9911796707
TMI Blog2014 (1) TMI 285X X X X Extracts X X X X X X X X Extracts X X X X ..... owever, on appeal by the revenue, the High Court set aside the order of the Tribunal dated 09-05-2008 and restored the appeal back to the Tribunal for decision on merit. Accordingly, the appeal and the cross objection were fixed for hearing before this bench. 3. Shri A.K. Anilkumar, the ld.DR submitted that the assessing officer passed the assessment order based upon the evidence available on record which was found during the course of search operation and estimated the profit on the basis of the suppression of sales. Referring to the order of assessment, the ld.DR submitted that the partners of the firm admitted that there was suppression of sales. The ld.DR further submitted that one of the partners admitted before the authorities that w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rst appellate authority that the estimation of undisclosed income for the assessment years 1995- 96 and 1999-2000 is not correct. Similarly, estimation of undisclosed income over and above what was disclosed for assessment years 1996-97, 1997-98 and 1998-99 should also be deleted. According to the ld.senior counsel, estimation of undisclosed income for continuous period of 47 months and 9 days for the block period was not only arbitrary but also mechanical. Relying upon the document available for assessment year 1996-97, the assessing officer has estimated the sales turnover for assessment year 1997-98. According to the ld.senior counsel, based on the entries available for 24 days, the turnover was mechanically estimated for 360 days. The l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the evidence found during the course of search operation which is contrary to the facts on record. In fact, the assessing officer has used all the materials including those found during the course of search operation for the purpose of estimating the profit. Therefore, this Tribunal is of the considered opinion that the CIT(A) ought to have reappreciated the seized materials found on record which were relied upon by the assessing officer. The CIT(A) committed an error in deleting the addition without considering the seized materials which were available on record. Therefore, this Tribunal is of the considered opinion that the CIT(A) has to reconsider the issue afresh in the light of seized material and the statement recorded during the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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