2016 (4) TMI 468

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....hailendra K. Yadav, Judicial Member This appeal by the Revenue is directed against the order of the Commissioner of Income Tax (Appeals)-II, Ahmedabad, dated 24.12.2010, for Assessment Year 2007-08, on the following grounds:- 1. On the facts and circumstance of the case and in law, the Ld. CIT(A) erred in law and in facts in deleting the addition at Rs. 38,34,000/- made on account of unexpla....

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.... 3. On the facts and circumstances of the case and in law, it is prayed that the order of the Ld. CIT(A) be set aside and that of the Assessing Officer may be restored. 2. The brief facts of the case are that the assessee is a firm engaged in the business of art silk cloth sarees. The assessee purchases grey cloth from local viewers and sells the same after getting processed from dyeing and p....

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....chased any new water jet machinery and not taken any machinery on rent or lease. He also observed that the assessee has incurred the expenditure in cash, there was no revenue stamp on such receipts and those expenses were not found to be verifiable. He, therefore, treated the increase in expenses of 23.49% as reasonable and balance 25.51% as unreasonable. Accordingly, the Assessing Officer has mad....

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.... lease. Lease rental were paid and TDS were deducted and in the ledger account, copy of lease rentals were shown under the head service charges. The copy of the account and details were also furnished. These details were sent to the Assessing Officer for his comments vide letter dated 23.03.2010 and 19.08.2010. Before the CIT(A), the assessee has also submitted that revenue stamp was affixed when ....