TaxTMI 
TaxTMI 
2012 (4) TMI 695
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.... order of CIT(A)-XXXII, Kolkata in Appeal No. 111/CIT(A)-XXXII/09-10/50(3)/Kol dated 26.07.2011. Assessment was framed by ITO, Ward- 50(3), Kolkata u/s.143(3) of the Income-tax Act, 1961 (hereinafter referred to as "the Act") for Assessment Year 2007-08 vide his order dated 23.12.2009. 2. The only issue in this appeal of revenue is against the order of CIT(A) deleting the addition of &#....
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....report from Assessing 2 ITA No.1767/K/2011 Smt. Madhu Kedia, A.Y. 07-08. Officer on the basis of documents submitted by assessee before him restricted the peak addition of ₹ 1,95,597/- by considering as under: "I have carefully perused the assessment order and considered the submissions of the A.R. as also the remand report of the A.O. It appears from the assessment order that the ass....
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....et of names wherefrom sarees were purchased. The A.O. confronted the authorized representative with the discrepancy vis-à-vis the original profit and loss account and balance sheet and to show cause as to why the entire cash deposit in the said account with ABN AMRO Bank should not be treated as unexplained cash deposit, the A.R. could not give any explanation regarding the same. Conside....
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....ed judicial pronouncements in this regard, the amount of ₹ 1,95,597/- is treated to be the assessee's unexplained income for the year under appeal. Therefore, the addition on this account is restricted to ₹ 1,95,597/- and the assessee gets relief of ₹ 14,05,036/-. This ground is, accordingly, partly allowed." 4. The CIT(A) after taking the details of deposits and withd....