9911796707
TMI Blog2016 (5) TMI 1477X X X X Extracts X X X X X X X X Extracts X X X X ..... .2016, passed by the CIT(A), Jalandhar, for the assessment year 2004-05. The assessee has raised the following grounds of appeal: "1. That the order of the AO as well as that of CIT(A) has against law, facts and circumstances of the present case. 2. That no notice u/s 148 was ever served on the assessee, hence, the reassessment deserves to be quashed as void abinito. 3. That the CIT(A) is no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ddition of Rs. 1,00,000/- on account of undisclosed investment and Rs. 1,32,000/- on account of gross profit earned on estimated profits. 4. The brief facts of the case are that the assessee derives income from manufacturing and sale of diesel engine parts under the name and style of proprietory concern namely, M/s. Ram Singh and Sons and filed her return of income declaring income at Rs. 1,87,38 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee pertaining the year under consideration and made an addition of Rs. 1,32,000/- to the returned income of the assessee on account of undisclosed gross profit. Apart from this, another addition of Rs. 9,68,991 (Rs.11,01,000/- - Rs. 1,32,009/-) was also made, on account of unaccounted investment. 5. On appeal, the learned CIT(A) confirmed the addition of Rs. 1,32,000/- on account of undisclosed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... account of account can be made. Thus, the addition of Rs. 1,00,000/- sustained by the ld. CIT(A) should be deleted. 8. On the other hand, the ld. DR relied on the impugned order. 9. Having heard the rival contentions, I am of the considered view that the ld. CIT(A) is not justified in sustaining the addition of Rs. 1,32,000/- by applying G.P. rate on the alleged sales. Under the Income Tax Act, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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