2009 (7) TMI 1259

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.... additions of the following nature :  (a)The GP ratio was taken at 29.25 per cent as against 17 per cent given by the assessee and on that basis addition of Rs. 15,76,504 was made.  (b)Addition of Rs. 11,58,598 was made against unexplained credit entries in the bank account.  (c)Addition of Rs. 1,38,77,174 on the ground that the sum was on account of sundr....

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....e star hotel. This finding is sustained by the ITAT. It is a pure finding of fact and no question of law arises. 3. So far as the addition for unexplained credit entries with Banks, the CIT(A) deleted the same as the same was duly assessed for another assessee. The only submission of the learned counsel for the appellant is that the assessee never disclosed that the earlier firm had been dissol....

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....time, in this appeal, that too when the appeal is maintainable only on the substantial question of law. On the contrary, we find from the reading of the impugned order of the ITAT that as per the assessee, the fact that assessee was newly constituted firm and the business of the firm as now carried on is different than the business carried on by the erstwhile firm, was specifically argued and this....

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.... CIT(A)." 4. On the addition of Rs. 38,77,174 we find that the ITAT has sustained the findings of the CIT(A) that the amounts payable to the creditors have been acknowledged by the assessee in its books and the liability pertains to the amount payable by the erstwhile firm being now taken over by the assessee, and that various creditors were paid and were being paid off by the assessee. The ITA....