2012 (12) TMI 1023

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.... Ningoji Rao, C.A. For the Respondent: Shri A. Sundararajan, Jt.CIT (DR) O R D E R Per Smt. P. Madhavi Devi, Judicial Member This appeal by the assessee for the assessment year 2007-08 is directed against the order of the CIT(Appeals), Mysore dated 29.11.2011. 2. In this appeal, the assessee has raised as many as 8 grounds of appeal, but the only grievance is against the order of th....

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.... in the regular books of accounts produced by the assessee. He also found that sales to the extent of Q 1,69,28,140 was also not accounted in the regular books of accounts produced by the assessee. The assessee's explanation regarding these discrepancies was called for. The assessee filed his submissions on 31.12.2009 explaining the nature of his business and the discrepancies in the books o....

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....ccounts for the two concerns are different. He therefore made the addition of the difference between the sales and purchases of Q 25,64,032 as suppressed profit and brought it to tax. 4. Aggrieved, the assessee preferred an appeal before the CIT(Appeals) reiterating the submissions made by it before the AO. He also filed a recast statement of accounts wherein the profit was worked out at Q 11,0....

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....see is in second appeal before us. 5. The ld. counsel for the assessee, Mr. K.Y. Ningoji Rao, while reiterating the submissions made by the assessee before the authorities below, tried to convince the Bench that the recast statement of accounts furnished by the assessee is the correct state of affairs and the CIT(Appeals) ought to have accepted the same.   6. The ld. DR, on the other ha....