TaxTMI 
TaxTMI 
2014 (6) TMI 537
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....mber: The appeal filed by the revenue is directed against the order dated 19-12- 2013 passed by the Ld. CIT(A), Kozhikode and it relates to the assessment year 2009-10. None appeared on behalf of the assessee, though the date of hearing was intimated to the assessee at the time of filing of appeal itself. Hence the appeal is being disposed of ex parte, without the presence of the assessee. 2. Th....
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....Rs. 40.00 lakhs made during the course of survey. During the course of assessment proceedings, the assessee filed another return declaring total income of Rs. 46.63 lakhs, i.e., the additional income was offered at Rs.40.00 lakhs, as agreed to during the course of survey. Since the revised return was filed on 14-07-2011, which was beyond the due date prescribed for filing revised return, the Asses....
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....g officer proceeded to work out the gross profit by adopting the Sales value estimated by him. The gross profit so worked out worked out to 46.6% of sales, which was considered by the AO to be normal gross profit in bar hotels. The suppressed income was worked out by the AO at Rs.1.13 crores. 5. The assessee submitted before the Assessing officer that the certain expenses, concessions on sales, l....
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.... reported in the impounded material were agreed to be cored by the managing partners Shri N.M.Mani and other partner Shri K.V.Karunakaran. Accordingly, the Assessing officer stood by the addition made by him. The Ld. CIT(A) took the view that the addition of Rs. 65.00 lakhs made by the Assessing officer over and above the additional income of Rs. 40.00 lakhs declared by the assessee is on the high....