TMI Blog2015 (8) TMI 660X X X X Extracts X X X X X X X X Extracts X X X X ..... called for and thereby the additions of undisclosed income were disallowed? - Held that:- The entire basis of making the addition was only in view of the two bills. There were several bills during that period. There was no justification for presuming that in respect of every bill amount(s) had been taken which was not recorded in the books of account. More important is the fact that the Assessin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pect of the block period 01.04.1985 to 23.11.1995. 2. According to the appellant, the following substantial questions of law arise in this appeal:- (i) Whether in the facts and circumstances of the case, the order passed by the Hon ble ITAT is perverse in law being self contradictory while upholding the rejection of books of accounts on one hand and simultaneously disallowing additions of un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; 3600/- and ₹ 7200/-, respectively. The total billed amount for the relevant date, namely, 14.02.1994 was ₹ 2,52,774/-. The Assessing Officer, therefore, proceeded on the basis that receipts to the extent of 54% were kept out of the books. On the basis of these two bills, he applied the rate of 54% for the years 1994-1995, 1995-1996 and 1996-1997. The assessee surrendered ₹ 1,70 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reof. It was found that this evidence had not been controverted by bringing any cogent material on record. It was observed that there were several transactions and that if the assessee had been indulging in the alleged practice, there would have been more such bills. In view thereof, the Assessing Officer s presumptions were held to be unsupported by any cogent material on record. It was held that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of 7.4% declared by the assessee/respondent. The books of account were also subject to verification by the Excise Department which did not find any discrepancy. It is not as if the Tribunal did not take into consideration the fact that the books of account had been rejected and that the correctness of the rejection of the books had been upheld finally. 6. The matter really involves an appreci ..... X X X X Extracts X X X X X X X X Extracts X X X X
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