2010 (4) TMI 1124

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....following grounds of appeal, which read as under : "1. For that the Ld. CIT (A) erred in dismissing the appeal of the appellant on the alleged grounds. 2. For that the Ld. CIT (A) having confirmed the rejection of accounts, additions u/s 40A (3) and 68 could not be validly made and in the result the additions of ₹ 14,98,573/- & ₹ 11,80,151/- deserve to be deleted. 3. For that without prejudice to the above, the Ld. CIT (A) erred in confirming addition of ₹ 14,98,573/- made by the A.O. u/s 40A (3) of the Income Tax Act, 1961 on the alleged grounds. 4. For that without prejudice to the above, the addition of ₹ 11,80,151/- u/S 68 of the Income Tax Act, 1961 is wrong and uncalled for. 5. For that further ground....

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....earned CIT(A) in his order as ₹ 1,49,814) u/s.40A(3) is justified. We, therefore, uphold the impugned orders of the authorities below and dismiss the ground taken by the assessee in this regard. 6. As regards the addition of 11,80,151 made by the Assessing Officer u/s.68 of the Act and confirmed by the learned CIT(A), the relevant facts are that on examination of cash book and sales invoices vis-a-vis confirmation of transaction received from Palco Automobiles, the Assessing Officer noticed that date and amount of payments made to it as well as date and proceeds of sales as mentioned in the books were not tallying fully with those mentioned in the sales invoices. On recasting the cash book, the Assessing Officer found that on various....