2013 (7) TMI 995

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....r. standing counsel with Ms. Anshul, Advocate.   O R D E R    This appeal by the assessee-Sidhartha Woollen Mills relates to block period 1st April, 1985 to 16th November, 1995 and arises out of order of the Income Tax Appellate Tribunal dated 31st December, 1999 in IT (SS) A No.33/Del/96.   2. The appeal was admitted vide order dated 9th May, 2001 and the following su....

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.... Before the Assessing Officer, the appellant had submitted that the addition should be restricted to Rs. 1,19,838/- by accounting for excess expenditure over income. The Assessing Officer did not accept the said contention observing that both receipts and expenditure had remained unrecorded. After examining nature of the expenditure, he held that the expenses represented money taken out of circ....

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....der has recorded that the nature and character of expenditure as disclosed by the assessee shows and establishes that the money was taken out of circulation. In other words, it was used for different purposes and it was not used for the business purpose earning unaccounted sales/receipts. It has been rightly observed that it was for the appellant to give full details and particulars regarding natu....

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....treated as business expenditure towards unaccounted transactions. This was done on the basis of estimation or guess work in the absence of any evidence giving benefit of doubt and advantage to the appellant-assessee. The balance amount of Rs. 4,40,700/- , the tribunal has held was spending by the appellant-assessee and had been withdrawn or used for non-business purposes. Accordingly, this figure ....