2013 (4) TMI 545

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....nt appeal is directed against the order dt. 11-10-2011 passed by the CIT(A)-36, Mumbai. Following Grounds of Appeal have been raised by the Assessee: Ground No. 1: On the facts and in the circumstances of the case and in law, the Learned CIT(A) erred in not adjudicating the appellant's contention that initiation of proceedings u/s.153A of the Income Tax Act, 1961 ('the Act') are bad-in-law e....

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....ant denies its liability for payment of interest u/s. 234B and 234C of the Act. 2. A Search, Seizure and Survey action u/s. 132 of the Income-tax Act, 1961(Act) was carried out on 05-03-2009 in the case of Jai Corp Group, its employees and close associates. One of the persons searched on that day was the assessee, who is an employee of the Group. Assessee has filed its return of income on 29-07....

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....n made by the AO was to be confirmed. Thus, he Partly Allowed the appeal filed by the assessee. 5. Before us, Authorised Representative (AR) did not press Ground No.1. Hence the same is treated as dismissed. 6. With regard to Ground No.2, AR submitted that assessee had withdrawn sufficient money during the year under consideration, that while finalising the assessment/considering the appeal ....

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....e is not desiring to press Ground No.1 to both the appeals and the same may be treated as withdrawn. As Ground No.1 is not pressed in both the appeals, those grounds are dismissed as not pressed. So far as the issue of sustaining addition of 30% of Rs. 1,50,000/- is concerned, in my opinion, the same has to be deleted. Both the authorities below have not at all brought on record the size of the fa....