2013 (12) TMI 1408

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....is is an appeal filed by the assessee against the order of the ld. C.I.T.(A)- XXXII, Kolkata in Appeal.No.40/CIT(A)-XXXII/09-10/Cir-49/Kol dated 15.02.2010 for Assessment year 2007-08. 2. Shri Gouri Prasad Sen,Advocate represented on behalf of the assessee and Shri Asoke Kumar Dey,.Sr.DR represented on behalf of the Revenue. 3. In the assessee's appeal the assessee has raised the following g....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Tax (Appeals)-XXXII, Kolkata grossly erred both in law and in facts in confirming the addition of Rs.8,02,771 on account of value of undisclosed stock of 1130,664 representing gold deposited by customer for alteration which is a very common practice. 4. That on the facts and in the circumstances of the case C.I.T.(Appeals) grossly erred in confirming estimated addition of Rs.7,10,990 made by th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... case, C.I.T.(Appeals) grossly erred in law in confirming estimated interest income of Rs.77,000 on estimated turnover of Rs.7,77,000 in pawn business. 9.That on the facts and in the circumstances of the case, C.I.T.(Appeals) grossly erred in law in confirming addition of Rs.1640 representing difference in value of closing stock and sale." 4. At the outset it was submitted by the ld. AR that....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....) wherein he has challenged that the additions had been made only on surmises and conjectures without giving the assessee adequate opportunity to explain the individual items. It was the submission that he had no objection if the issues in the appeal were restored to the file of the AO for re-adjudication and to grant the assessee adequate opportunity to explain the additions with evidences. 5.....