2012 (8) TMI 395

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....the adjournment of the case, therefore, it was decided to dispose of the appeal ex parte, qua the assessee, on merits, after hearing the ld. D.R. 3. Briefly stated facts of the case are that in this case a search and seizure action u/s 132 of the Act was carried out on 27-9-2001. The assessee filed return of income for the block period declaring undisclosed income of Rs. 55 lacs. However, the assessment was completed on 30-10- 2003 determining the total undisclosed income at Rs. 82,43,348/- whereby additions of Rs. 30,96,639/- on account of negative cash balance Rs. 4,00,000/-, on account of bad debts and Rs. 75,500/- and on account of loss on sale of machinery were made. On second appeal, the Tribunal in IT(SS)A No. 75/Mum/2006 dtd. 31-....

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....y started the computation part with returned undisclosed income as against net profit as per profit/loss account as per original block assessment order. However, the A.O. was of the views that since the assessee himself admitted the undisclosed income of Rs. 55 lacs, there is no mistake apparent from the record and, hence, she rejected the application filed by the assessee vide order dtd. 27-7-2009 passed u/s 154 of the Act. On appeal against the order passed u/s 154, the ld. CIT(A) after examining the record held vide para 19 of his order dtd. 6-8- 2010 that there is clearly a mistake apparent from record which resulted in the over assessment and directed the A.O. to take the returned income of the appellant as per original assessment orde....