TaxTMI 
TaxTMI 
2013 (10) TMI 1187
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....ch of this Court has admitted the instant appeal on the following substantial questions of law: 1. Whether on the facts and in the circumstances of the case, the Hon'ble ITAT was justified in brushing aside the statement of Sri Surendra Nath Rastogi, partner of the firm recoded at the time of search under section 132 (4) of the I. T. Act, 1961 admitting the total undisclosed income of the firm at Rs.40,00,000/- without appreciating that the statement recorded under section 132 (4) of the I. T. Act, 1961 stands on a different footing and a great evidentiary value has been attached to such a statement, under the I.T. Act, 1961. 2. Whether on the facts and in the circumstances of the case, the Hon'ble ITAT was justified in placing reliance o....
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....red for effecting a turnover of Rs.1.0 crores outside the book. Thus, the total addition on the two counts was made by the Assessing Officer for Rs.42,00,000/-. In first appeal, the CIT(A) has estimated the GP rate @20% and also accepted the investment disclosed by the assessee for the turnover and gave a partial relief of Rs.40.00 lacs to the assessee vide order dated 04.07.2003. Not being satisfied, the department has filed the second appeal before the Tribunal (608/luc/2003) and the assessee has also field cross objection (47/luc/2004) for the block period. The Tribunal vide its impugned order has dismissed the appeal filed by the department and the cross objection filed by the assessee by upholding the order of the CIT (A). Still not b....
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.... order passed by the Tribunal. After hearing both the parties and on perusal of record, it appears that the A.O. has estimated the GP Rate @20% on the estimated turnover of Rs.1.0 crore. The A.O. also made the addition in respect of the undisclosed investment. He applied the rate of 1/5 of Rs.1.0 crore on the basis of rotation of the investment as taking place in five time rotation period and worked out the amount of Rs.20/- lacs as undisclosed investment on transactions of Rs.1.0 crore. Total addition on these two counts made by the A.O. for Rs.42.00 lakh. The CIT (A) has estimated the G.P. Rate @ 20% and deleted the addition of Rs.20.00 lacs, which was for the difference between 22 to 20 lacs. From the record, it also appears that the G....