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The Commissioner of Income Tax, Patiala Versus M/s. Super Pipes

2015 (8) TMI 660 - PUNJAB & HARYANA HIGH COURT

Rejection of books of accounts - ITAT disallowing additions of undisclosed income for the block period which were made on the basis of search on the other hand? - Whether ITAT has erred by holding that no trading addition by estimating the sales of whole of the block period was 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 n .....

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correctness of the rejection of the books had been upheld finally. - Decided against revenue. - ITA No. 348 of 2013 - Dated:- 5-8-2015 - S. J. Vazifdar, ACJ And G. S. Sandhawalla,JJ. For the Appellant : Ms. Savita Saxena, Adv For the Respondent : Mr. S K Mukhi, Adv ORDER S. J. Vazifdar, ACJ (Oral) This is an appeal against the order of the Income Tax Appellate Tribunal dated 21.05.2013 deleting the addition of about ₹ 15,43,000/- in respect of the block period 01.04.1985 to 23.11.1995. 2. .....

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n ble ITAT has erred by holding that no trading addition by estimating the sales of whole of the block period was called for and thereby the additions of undisclosed income were disallowed? 3. On 23.11.1995, a search was conducted under Section 132 of the Income Tax Act, 1961 at the business premises and at the residential premises of the partners. Certain documents were seized. The entire addition is made on the basis of two bills bearing Nos. 739 and 740 in the sum of ₹ 97,790/- and S .....

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e assessee surrendered ₹ 1,70,000/-. 4. The Tribunal has dealt with this approach of the Assessing Officer in considerable detail. The Tribunal has also analyzed the facts in considerable detail. Some of the factors taken into consideration by the Tribunal in deleting the addition are as follows. That only two such bills were found. The assessee s explanation was that they had been cancelled and, therefore, bills in lieu thereof bearing the same numbers were issued. The assessee affirmed t .....

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