TaxTMI 
TaxTMI 
2007 (1) TMI 229
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....he appeal was prepared and the appeal fee was also deposited in time. The appeal was handed over to the Munshi of the advocate for dispatching who kept it in the office file and due to illness and long absence from office the appeal remained undispatched. It was only subsequently that this fact came to the notice and the appeal was promptly filed. We are satisfied with the reasons for delayed presenting of the appeal. Accordingly, we condone the delay and take up the appeal for hearing. 3. The assessee has raised an additional ground as under: "That there is no justification in charging surcharge in the assessment under s. 158BC prior amendment in s. 113 w.e.f. June, 2006. The surcharge in the case of the appellant be deleted." Since the....
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....rse of which certain incriminating material was found. The total cash of Rs. 1,56,600 was found in the course of search, which consisted of Rs. 1,33,600 from the room of Shri Sher Mohammad, that is the assessee and Rs. 23,000 from another room. Only a sum of Rs. 80,000 was seized. During the course of assessment proceedings, the assessee explained the source of total cash found at the time of search of which the AO accepted it except Rs. 80,000, which was claimed to be out of cash sales not recorded in the books. It was claimed that the assessee and his brother Shri Mehboob Ali had made sales outside the books of account in their respective concerns and the cash to the extent of Rs. 80,000 emanated from such undisclosed sales. The AO did no....
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.... of account, which represents short stock, it is only the profit element that can be put to tax and not the entire sale proceeds. Numerous orders have been passed all over India by various Benches of the Tribunal to this extent. We, therefore, hold that the learned CIT(A) was justified in allowing relief of Rs. 2,36,655. This ground is not allowed. 10. Second ground is against the direction of the learned CIT(A) to adopt local PWD rates by scaling down the CPWD valuation by 20 per cent and also to allow 10 per cent deduction for self-supervision. 11. The assessee had constructed a house, which was valued by the DVO at Rs. 5,31,000 out of which, investment of Rs. 2,52,000 was treated as explained and the remaining amount of Rs. 2,79,000 wa....