2014 (5) TMI 701

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....er the facts and circumstances of the case the Ld. CIT (A) has erred in confirming the addition made by the AO by merely comparing the audited accounts with the incomplete audited accounts without bringing on record any discrepancies in audited accounts which was duly explained along with requisite details filed and therefore the additions made by the AO is purely based on conjecture and surmise and the same should be deleted. 3. The Ld. CIT (A) has erred in coming to the conclusion that the appellant had not disputed the authenticity and veracity of the of the floppies found during the search whereas it was always a case of the assessee that data available on seized floppies did not reflect the complete picture of its accounts for the yea....

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....he partners of the firm on 15. 10. 2003. Business premises of the assessee-group were covered u/s. 133A of the Act. During the search and seizure/survey operations floopy drives were found and seized containing the accounts of the assessee. Assessing officer(AO) finalised the assessment u/s. 143(3) r. w. s. 153A of the Act on 29. 03. 2006 determining the income of the assessee at Rs. 2. 58 lakhs. Later on CIT proposed to revise the assessment on the ground that the floppies revealed that there was a second set of balance sheet and profit and loss account in respect of group concerns for the AY. under appeal, that comparison of the same with the final accounts of the assessee had revealed inflation of expenses. After considering the submissi....

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....supported the order of the FAA. 2. 3. We have heard the rival submissions and perused the material before us. We find that in the case of Abdul Hasan Khan(supra)matter was restored back to the file of the assessee. One of us was party to that order. In that order matter had been discussed and decided as under: 4. 2 We have considered the Submissions of learned AR of the assessee as well as learned DR and carefully perused the relevant material on record. Though the assessee did not appear before the Assessing Officer in the proceedings in pursuance to the revision order passed under Section 263, however, the Assessing Officer being a quasi-judicial authority is supposed to adjudicate the issue by considering all the relevant material avai....