2003 (10) TMI 283

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....dication. Therefore, surviving ground Nos. 1 and 2 which read as under: "1. That on the facts and in the circumstances of the case the learned CIT(A) Jodhpur grossly erred in sustaining an addition of Rs. 33,480 which was fully explained before him. The amount represents the loss rather the income is considered by AO. 2. that on the facts and in the circumstances the learned CIT(A) ought to have given findings on the basis of material brought on record at the time of assessment proceedings rather stating that the assessee cannot explain or prove subsequently that surrender made by him was erroneous. Further the directions issued by the CIT(A) was outside the scope of appeal before him. 3. The facts of the case show that....

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..... 33,480 which was not accounted for in the books of accounts. Therefore, said partner surrendered the amount of Rs. 33,480 during the course of his statement. The AO has, therefore, made this addition in the assessment order. 4. The assessee took up the matter in appeal and contended that the action of the AO was not correct because all the entries stood fully explained with reference to the account books. It was also stated that a chart has been filed by it to show that these entries relate to rate difference payable by the assessee. It was, therefore, contended that there is no reason to make any addition. 5. The learned CIT(A) while considering but not accepting the plea of the assessee has concluded to confirm the action of the A....