2012 (1) TMI 261

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....A) has erred. in confirming the re-opening of the assessment u/s.147 and the addition made u/s.68 of the l.T. Act when the amounts in question were already in existence in the books of the appellant prior to the year in appeal and did not appear at all for the first time in the instant year. b) For that the Ld CIT(A) has also erred in sustaining the addition made by the AO u/.68 by applying a different Sec.41 (1) of the l.T. Act. c) For that the Order passed by the Ld CIT(A) is based on wrong footing and is liable to be quashed. and the entire addition made for ₹ 37,20,809 by (i) reopening the assessment u/s.147 and (ii) applying Sec.68 of the l.T. Act, is therefore, liable to be deleted.. 3. Brief facts of these issues are that w....

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....the learned Commissioner of Income-tax (Appeals) after taking into consideration the various submission confirmed the action of the Assessing Officer by observing as under:- "6. Considering the fact, that the assessee has obtained the remission/cessation of ₹ 37,20,809/- which was earlier assessment years claimed and allowed as expenditure, hence the amount in question shall be deemed to be profits and gains of the business of the assessee. Accordingly the addition made by the AO is confirmed." 5. Aggrieved by this, now the assessee is in appeal before us. 6. At the time of hearing before us the ld. Counsel appearing on behalf of the assessee has reiterated the written submissions filed before us and relied on various judicial....