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2015 (12) TMI 1413

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..... e of hearing as to whether it had filed any material on record in the shape of seized diary or other evidence proving the same. The reply given is in negative. This leads us to a conclusion that since the impugned excess collection is proved without any rebuttal of its being returned back to the payers, the Assessing Officer has rightly made the corresponding addition of ₹ 2,02,350/- in assessee’s case. - Decided against assessee Disallowance of expenditure - Held that:- The Assessing Officer has accepted assessee’s expenses claimed regarding brokerage, misc. items and the once pertaining to specific payees in question. The assessee takes us to paper book containing names of four parties to have received the same. However, we do no .....

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..... e order without following directions of the Income tax Appellate Tribunal. The assessing officer ought to have complied with directions of the Income tax Appellate Tribunal. The order framed without following the directions is bad in law and be quashed. 3.0 The assessing officer erred in making observation regarding method of accounting followed by your appellant. It is respectfully submitted that your appellant did not follow mercantile system of accounting and therefore the observations made by the assessing officer is not in consonance with the facts prevailing in the case of your appellant. It is submitted that it be so held now. 4.0 The assessing officer erred in estimating the undisclosed income by way of on money, extra w .....

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..... excessively high. The appellant submits that appropriate relief be allowed as per the provisions of law. 6.0 The assessing officer erred in making the assessment of the total income in the case of your appellant at ₹ 15,66,759/- which is erroneous in the eyes of law and contrary to the facts. 6.1 The income returned by your appellant be totally unjustified under the facts and also in view of the provisions of law. It is submitted that various additions/variations made by the assessing officer to the income returned by your appellant be totally deleted and/or substantially reduced. 6.2 The appellant respectfully submits that the income disclosed in response to the notice u/s 158BC was per the provisions of law and fu .....

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..... mputing total income of ₹ 15,66,759/-. The assessee filed appeal in the tribunal. A coordinate bench in its order dated 02-01-2006 restored the issue back to the assessing authority for a fresh decision. 5. The Assessing Officer took up consequential proceedings. The case file reveals that the issue involved mainly relates to financial years 1994-95 and 1995-96 relevant for assessment year 1995-96 and 1996-97; respectively. The Assessing Officer computed assessee s undisclosed income of ₹ 7,07,175/- in relation to the former assessment year and that of ₹ 8,15,584/- with regard to the latter one. The same was over and above the undisclosed income already declared of ₹ 11,50,000/- stated hereinabove resulting in dif .....

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