2015 (11) TMI 1120

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....ember) Smt. Belu Sinha for the Department. P. K. Sehgal, Advocate and Utsav Sehgal, Chartered Accountant, for the assessee. ORDER 1. This appeal by the Revenue and the cross-objection by the assessee for the block period April 1, 1996 to December 10, 2002, are directed against the order of the Commissioner of Income-tax (Appeals). These are being disposed of by this consolidated order.....

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....oose papers 'annexure-A. L.P. 6/30' and reasons advanced by the Assessing Officer for above addition on the basis of such evidence." 4. The learned Departmental representative has relied on the order of the Assessing Officer. She referred to the relevant portion of the assessment order in support of the case of the Revenue. Learned counsel for the assessee submitted that the Commissione....

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....s issue is presumed to be against the assessee, then also only net profit rate could be applied on such sales and that shall be covered by the amount of Rs. 2,00,000 surrendered already by the assessee and has been assessed by the Department. We find that the Assessing Officer in the computation of assessable income has accepted the surrender of Rs. 2,00,000, which was surrendered by the assessee ....