2013 (3) TMI 672

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....ncome Tax Appellate Tribunal, Rajkot Bench ["Tribunal" for short] dated 21st September 2012, Revenue has challenged its order by proposing the following substantial question of law for our consideration :- (A) "Whether in law and in facts, the ITAT is right in deleting the addition to the tune of Rs. 57,04,983/- out of total addition of Rs. 62,20,098/= made by the A.O under the provisions of Se....

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....ons raised are four in number, in essence, there are two questions. Questions (C) & (D) are argumentative in nature. 2. We have heard learned counsel Shri Desai for the Revenue and also examined the material on record produced by the Revenue. 3. The first question pertains to addition made by the Assessing Officer of Rs. 62,20,098/= and deletion to an extent of Rs. 57,04,983/= made by both C....

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....have a reasonable nexus to the available material and the circumstances of the case. CIT (A) confirmed the addition to an extent of Rs. 5,15,115/=, however, the amount of Rs. 57,04,983/= was directed to be deleted. When approached before the Tribunal, it concurred with the findings of the CIT (A). Since the Tribunal has chosen to deal with both these issues together, it would be appropriate at thi....

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.... to be part of the balance sheet and the audited accounts and therefore, rejected such additions. 5. The Tribunal concurred with CIT (A) on both the issues, by holding thus- "Having heard the learned DR, we have carefully gone through the orders of the authorities below. It is pertinent to note that the A.O in the assessment order added all the things like opening stock, total purchases, tot....