TMI Blog2012 (9) TMI 952X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs . 3,12,159/-. It was on the strength of the statement of the partner during the survey that the Revenue inflated such figure 10 times by adding zero. Statement of partner also suggested that it was his personal income and not that of firm. Thus entire statement was also not taken in its entirety. Further other than such statement, there was no further material available on record. In fact, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the case, the Income-tax Appellate Tribunal is right in law in restricting the addition of ₹ 31,21,590/- to ₹ 3,12,159/-on account of unaccounted investment? (iii) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal has committed an error in reversing the order of the Commissioner of Income-tax (Appeals)-IV, Ahmedabad, without assigning ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry was thus not justified. The Tribunal. further observed that the contents of the documents do not suggest or bring out that notings are of loans and advances. The Tribunal was therefore, of the opinion that such addition was made only on conjectures and surmises. On such basis the Tribunal reduced the additions from ₹ 31,21,590/- to 3,12,159/- and deleted the rest. Second issue pertained t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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