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TMI Blog2017 (12) TMI 1004X X X X Extracts X X X X X X X X Extracts X X X X ..... cord and further evidences adduced by the assesses the orders of the learned Lower Authorities are against the law and facts of the case. 2. That the ld. AO grossly erred in making lump-sum trading addition in the amount of Rs. 4,00,000/- on baseless assumptions and without there being any basis and cogent reason and the ld. CIT (Appeals)-3, Jaipur also erred in restricting the same to Rs. 3,00,000/- without properly considering the facts and circumstances of the case. 3. That the ld AO also erred in rejecting the books of account of assesses u/s 145(3) on the basis of wrong observations and without any cogent reason while brushing aside the assessee's objections and explanations and the ld CIT (Appeals)-3, Jaipur also erred in confir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Radha Kishan & Sons, Singhana. The return declaring total income of Rs. 8,08,860/- was filed by the assessee on 28/09/2011. The Assessing Officer completed the assessment U/s 143(3) of the Income Tax Act, 1961 (in short the Act) after making various additions at total income of Rs. 13,13,110/-. The ld CIT(A) has given part relief to the assessee. 3. Now the assessee is in appeal before the ITAT. The ground No. 1 of the appeal is general in nature and does not require any adjudication. Hence, the same stands dismissed. 4. In the grounds No. 2 and 3 of the appeal, the issue involved is sustaining the addition of Rs. 3,00,000/- made by invoking the provisions of Section 145(3) of the Act. The ld. CIT(A) has decided the issue by holding as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce amount of Rs. 1,00,000/- is deleted. These grounds are partly allowed." 5. While pleading on behalf of the assessee, the ld AR has relied on the pleadings made before the lower authorities and submitted that the lower authorities were not justified in rejecting the books of account and invoking the provisions of Section 145(3) of the Act and also estimating the income. 6. On the other hand, the ld DR has relied on the orders of the authorities below. 7. Bench have heard both the sides on this issue. This is a fact that the assessee was not maintaining quality wise details of the commodities traded, therefore, it shall not be possible to verify the correctness of the valuation of the closing stock. Therefore, the Bench is of the view ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i) I have carefully considered the material before me. I find that the AO estimated house hold expenses Rs. 10,000/- per month. In view of the present rising price, mobile phone, satellite T.V., Motor Car and keeping in view the status of assessee and the community to which he belongs. The A/R of the appellant not filed any details and supporting evidences which prove that his withdrawals are sufficient for his house hold expenses. Therefore I am the view that AO rightly estimated house hold expenses Rs. 10,000/- per month. Hence, I confirm the addition made by the AO of Rs. 45,275/-. This ground is not allowed. (iii) I have carefully considered the material before me. I find that appellant made interest free advances of Rs. 1,30,000/- t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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