2014 (4) TMI 773

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.... search and seizure operation conducted in the case of the assessee on 28.11.2008. In response to notice issued under section 153C, assessee filed return of income admitting total income of Rs.3,80,150/-.Assessee is in the business of earning commission from Margadarsi Chit Funds. Assessee claimed certain expenditure to the extent of Rs.5,93,819/-. A.O. disallowed the entire expenditure on the reason that no evidence has been furnished. Ld. CIT(A) gave partial relief confirming the disallowance to the extent of Rs.1,50,000/- and the balance was deleted. Revenue is aggrieved on this disallowance. 2.1. Assessing Officer also examined the investment made by the assessee in purchase of immovable property from M/s. Sai Srinivasa Hotels Pvt. L....

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.....O. noticed that only cash in bank balance available was at Rs.95,113/-. Therefore, the balance amount of Rs.3,95,887/- was also brought to tax as income from unexplained source. Thus, A.O. made a total addition of Rs.23,15,887/- in the course of assessment on this issue. 3. The Ld. CIT(A) considering the explanation given by the assessee however, gave partial relief to the extent of loans received by the assessee. With reference to addition of Rs.3,95,887/-, he has asked the A.O. to verify and decide after giving opportunity to the assessee. He has more or less confirmed the amounts. Therefore, assessee is aggrieved on the additions confirmed and Revenue is aggrieved on the amounts deleted and has raised the grounds accordingly. 4. O....