TMI Blog2014 (5) TMI 312X X X X Extracts X X X X X X X X Extracts X X X X ..... 0/- was declared - after considering the submissions of both the sides and perusing the material placed – also, considering the facts of the case and arguments of both the sides, the matter is required to be remitted back – thus, the matter is remitted back to the AO for fresh adjudication – AO is directed to allow adequate opportunity of being heard to the assessee - the assessee is directed to p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... without appreciating the fact that the amount deposited was out of sale proceeds which had already been reflected as sales in the profit and loss account. 2. That the learned Commissioner of Income Tax (Appeals) has further erred in confirming an addition of Rs.14,80,000.00 considering the same to be income being addition to capital account of the appellant disbelieving the fact that the amount ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... time of hearing before us, it is submitted by the learned counsel that the Assessing Officer made various uncalled for and unjustified additions. The assessee derives income from trading of bags etc. and declared the turnover of Rs.1.33 crores on which gross profit of Rs.10,12,007/- and net income of Rs.1,21,650/- was declared. That as against the returned income of Rs.1,21,650/-, the Assessing O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the other hand, relied upon the order of the Assessing Officer and he stated that during assessment proceedings, the assessee never produced the books of account and proper explanations, therefore, the Assessing Officer was left with no alternative but to make these additions. He, therefore, submitted that the additions made by the Assessing Officer may be sustained. He further requested that ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
