2000 (1) TMI 153

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....f hearing before me, it is stated by the learned counsel for the assessee that the CIT has set aside assessment on the ground that the AO did not examine the gifts received by the assessee and also unexplained investment of Rs. 65,000 in the godown. He pointed out that the AO has examined both these aspects and has also discussed the same in the assessment order. He, therefore, stated that the ass....

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.... heard both the parties and have perused the material placed before me. The AO has completed the assessment under s. 143(3) on 22nd March, 1996. In p. 2 of the assessment order, the AO has stated that during the course of survey of the firm M/s Nirmal Kumar Sheel Kumar, one of the partners, namely, Shri Devendra Kumar had surrendered the sum of Rs. 65,000 on account of unexplained investment in th....

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....ed with the details/evidence furnished by the assessee. Therefore, the assessment order cannot be said to be erroneous or prejudicial to the interests of Revenue. This view of mine also finds support from the decision of Hon'ble jurisdictional High Court in the case of Ratlam Coal Ash Company. In this case, their Lordships of jurisdictional High Court have held as under: "In the instant case, h....