2012 (10) TMI 291

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....estions of law:- "1. Whether ITAT was correct in law as well as in the circumstances of the case by upholding the order of CIT(A) that Assessing Officer has recomputed the income of the assessee while doing the verification of the additional evidence and consequent submission of report under Rule 46A to the CIT(A), while ignoring the finding of the Assessing Officer that additional evidence cannot be admitted as assessee's case does not fall in any of the four conditions as laid down in Rule 46A? 2. Whether the ITAT was correct in law while upholding the order of CIT(A) and ignoring that CIT(A) has not recorded any reason for admission of additional evidence as sufficient detailed opportunity was given to the assessee by AO which is verif....

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....e assessee's case fall, so that Revenue being effected party in the instant case may be able to plead the arguments taken by the appellant before the CIT(A)? 2. Briefly, the facts as narrated in the appeal may be noticed. The respondent-assessee is a company engaged in the business of manufacturing, trading and export of complete bicycle and cycles' parts. It filed its return of income for the assessment year 2007-08 on 31.10.2007 declaring income of Rs. 22,89,200/-. Vide order dated 15.12.2009, Annexure A.I, the assessment was completed by the Assessing Officer under Section 143(3) read with Section 144 of the Act at the total Income of Rs. 1,38,48,123/-. Aggrieved by the order, the assessee filed an appeal before the Commissioner of Inco....

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....arte assessment under Section 144 of the Act. In view of report of Assessing officer dated 15.11.2010, the additions made vide order under section 143(3) read with section 144 of the Act were deleted and income computed vide letter dated 15.11.2010 was upheld by the CIT(A). Aggrieved by the order, the Revenue filed appeal before the Tribunal. Vide order dated 26.8.2011, Anenxure A.III, the appeal as well as cross objections of the assessee were dismissed. Hence the present appeal by the Revenue only. 3. The primary issue that arises for consideration is whether the CIT(A) as well as the Tribunal were right in accepting the report of the Assessing Officer which was sought by the CIT(A) in view of the application filed by the Assessee under ....