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Shekhar Kundu Versus Commissioner of Income Tax

Undisclosed sale - rejecting the books of accounts - Held that:- The rejection of the books on the basis of the admission of the assessee himself was an order which was wholly backed by evidence and by no stretch of imagination the order rejecting the books of account can be said to be perverse. The contention that the books of account were prepared, though belatedly, on the basis of the documents seized, has failed to impress us because the expenditure shown in the books of account was not back .....

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it, what we find is that the assessment which was made by the Assessing Officer was subsequently reduced by the CIT(A) and the same has been confirmed by the learned Tribunal. These are pure questions of fact. The ground of challenge is perversity. We have already indicated that the order passed by the Assessing Officer or the CIT(A) or the learned Tribunal and each of them is backed by evidence and the ground of perversity is altogether unmeritorious. - Decided in favour of the revenue. - ITA .....

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nal dismissed an appeal preferred by the assessee. The aggrieved assessee has come up in appeal. The appeal was admitted on 28th June, 2011 on the following substantial question of law: Whether the learned Tribunal below committed substantial error of law in upholding the additions of (i) ₹ 3,92,046/- on account of gross profit from alleged undisclosed sale; (ii) ₹ 7,82,700/- for investment in land; (iii) ₹ 3,00,000/- for investment in building and (iv) Peak credit of ₹ 7 .....

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Officer had made the assessment on the basis of the documents seized, but the books of account prepared by the assessee on the basis of those documents were rejected. There was also a survey at both the shops of the assessee and at such survey some documents were inventorized. The contention raised by Mr. Khaitan is that the books of account prepared by the assessee reflecting the contents of the documents seized during search and seizure should not have been rejected. His next submission is th .....

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