2015 (6) TMI 880

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....d books of account under section 145(3) of the Income Tax Act 1961 merely on the ground that the Assessing Officer did not make an Ex-parte assessment or an estimated assessment but added amounts under section 69,69A,69B69C of the I.T.Act 1961 taking the figure from revised accounts. 2. The Commissioner of Income Tax (Appeals) erred in upholding the order of the Income Tax Officer by not accepting the gift of Rs. 40,000 received from Mother-in-law and making an addition of the said amount under section 69 of the Income Tax Act, 1961 as undisclosed. 3. The Commissioner of Income Tax (Appeals) erred in upholding the order of the Income Tax Officer by not accepting the gift of Rs. 60,000 received from Father and making an addition of the....

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....analysis balance sheet as on 31.3.2008 along with the books of accounts, the following discrepancies were detected. Particulars of assets As per ITR and audited B/S As per Books of accounts placed in records F.D. with HSBCOpening Rs. 325687/-Addition Rs. 4991528/-Closing Rs. 5317215/-Opening Rs. 325687/-Addition Rs. 5802046/- Closing Rs. 6127733/-   P.O.MIS A/c 9811651Rs.300000/-NilRs.300000/Rs.300000/-Rs.300000/- Rs.600000/-   Advance for flatRs.1721000/Rs.2056371/-Rs.37,77,371/-Rs.1721000/-Rs.2963431/- 46,84,453/-   Furn. & FixtureRs.58,950/-NilRs.53,055/-Rs.58,950/-Rs/.1,64,233/- Rs.2,17,288/-   Several other discrepancies were also noted by the AO and assessee was show ....

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....see submitted the affidavit of Smt. Pratima Bhattacharya, mother-in-law of the assessee and also similar affidavit of Shri Sachindra Mohan Bhattacharya, the father of assessee and written submissions submitted along with the affidavit and the bank statements. The AO not being satisfied with the genuineness and creditworthiness of the transaction added the same to the income of assessee vide page 4 of his order.5.1. Before the ld. CIT(A) the assessee submitted the explanation and the documents which were sent to the AO for report which was obtained. Accordingly after considering these submissions of the assessee and the report of the AO the ld. CIT(A) confirmed the action of AO. 6. We have heard the rival contentions and perused the facts....

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.... of Rs. 11,20,339/- u/s 69 of the I.T.Act being undisclosed investment of the assessee due to difference in capital arising out of audit and revised balance sheet. The ld. CIT(A) confirmed the action of AO. 9. We have heard the rival contentions and perused the facts of the case. We find that the assessee has submitted the revised balance sheet during the course of assessment proceedings along with the reconciliation. The ld. Counsel of the assesee before us tried to explain the difference and the reconciliation and prayed to examine the differences between the revised balance sheet and audited balance sheet by us. Prima facie as appears from the order of ld. CIT(A) the assessee has stated to have reconciled the differences but the same ....