2015 (11) TMI 10

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....oduction amounting to Rs. 50,42,186/- incurred in cash terming it as non-genuine. 2. On the facts of the case, the Ld AO erred in adding and learned CIT (A) erred in confirming the addition of prior period expenses of Rs. 5,27,346/- to the total income." 2. Before us, at the outset, Ld Counsel for the assessee brought our attention to the Ground no.2 and submitted that Revenue Officers made an addition of Rs. 5,27,346/- on account of prior period expenses. In this regard, after narrating the facts, Ld Counsel for the assessee fairly mentioned that the relevant bills / invoices were raised after the end of the previous year. On the other hand, Ld DR relied on the orders of the Revenue Authorities. 3. After hearing both the par....

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....submissions of the assessee, CIT (A) confirmed the conclusions of the AO and dismissed the relevant ground of the assessee. While dismissing the assessee's ground, CIT (A) held that the assessee failed to establish the veracity and genuineness of the payments and the cash vouchers are not supported by the third party bills. Again aggrieved, assessee filed the present appeal by raising the above mentioned Ground no.1. 6. During the proceedings before us, on this issue, Ld Counsel for the assessee fairly submitted that the assessee is in this line of business for many years and the disallowance of this magnitude is done only in the year under consideration. Mentioning that certain ad-hoc additions of Rs. 1 lakh and Rs. 1.5 lakhs was ma....