2015 (11) TMI 10

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....nst the order of the CIT (A)-3, Mumbai dated 30.5.2012 for the assessment year 2008-2009. In this appeal, assessee raised the following grounds which read as under: "1. On the facts of the case, the Ld AO erred in adding and the Ld CIT (A) in confirming the addition of 25% of expenses of cost of production amounting to Rs. 50,42,186/- incurred in cash terming it as non-genuine. 2. On the facts....

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....wable considering the system of accounting followed by the assessee. It is not the case of the assessee that the payability is crystallized during the year under consideration. After considering the facts narrated by the Ld Counsel for the assessee as well as the relevant material placed before us, we are of the opinion, the conclusion drawn by the CIT (A) in this regard is fair and reasonable and....

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.... in appeal before the first appellate authority. 5. During the proceedings before the first appellate authority, after considering the 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 ....

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..... Further, Ld Counsel for the assessee submitted that assessee is consistently reporting the turnover running into crores and the expenditure of Rs. 2,01,68,744/- is required to for registering the turnover of Rs. 17.2 Crs (rounded-of). 7. On the other hand, Ld DR for the Revenue heavily relied on the orders of the Revenue Authorities. However, he has not reply on the basis for adopting 25% for m....