TMI Blog2013 (4) TMI 994X X X X Extracts X X X X X X X X Extracts X X X X ..... This is the Revenue s appeal against the order of Ld. CIT(A)-III dated 20-03-2009. The Revenue has taken following effective grounds:- 1. The Ld. CIT(A)-III, Ahmedabad has erred in law and on facts in restricting the addition of Rs. 17,36,436/- made by the AO on account of undisclosed income of the assessee to Rs. 8,31,645/- only, without properly appreciating the facts of the case and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. Ltd (MPCL), search was also conducted at his residence at Bhavnagar. On the basis of seized documents and statements recorded undisclosed income of assessee was assessed at Rs. 17,36,546/- on account of various additions. Ld. CIT(A) gave relief to the assessee by observing as under:- 12. The contention of the appellant seeking telescoping of the undisclosed income of the group for acquisit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2)/08-09 dated 19-03-2009, the group has accepted the determination of the undisclosed income of Rs. 2.03 crores and payment of due tax thereon. The year-wise cash flow chart (copy annexed with this order as annexure A ) of the three group concerns, prepared and relied upon by the appellant on the basis of the aforesaid income confirmed by the group as its undisclosed income, reveal the net cash ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed investments. Therefore, the addition made by the AO is therefore restricted to Rs. 8,31,645/- as against the Undisclosed income of Rs. 7,47,200/- offered before the Settlement Commission. The related grounds of appeal are therefore partly allowed accordingly. It is clear from the above that Ld. CIT(A) has given relief to the assessee by placing reliance on his decision in the cases of thr ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
