2010 (9) TMI 1205

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....r 1998- 1999. 2. Briefly stated the relevant facts of the present case are that on 08th January, 2004, a search and seizure operation was carried out at the respondent-assessee's premises. The Assessing Officer (in short, "AO") in the assessment proceedings rejected the book of accounts maintained by the respondent-assessee under Section 145(3) of the Act and made certain additions while computing the income of the respondent-assessee by invoking Section 144 of the Act. 3. Mr. Abhishek Maratha, learned counsel for the Revenue submitted that the Tribunal had erred in law in upholding the order of the Commissioner of Income Tax (Appeals) [in short, "CIT(A)"] regarding determination of suppressed sale of bread and deletion of the additio....

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....oins and torn notes without any material. The A.O. has not pointed out any material to show and indicate that the assessee has actually incurred expenses for converting small denomination notes into book denomination notes. The assessee has worked out the expenses on commission at Rs. 31,050/- as part of the sales were being received in small coins and torn notes which was exchanged for high denomination notes for which assessee had incurred the expenditure of Rs. 31,050/-. The estimation made by the A.O. is not based on any evidence and as such we are of the considered view that the Ld. CIT(A) has rightly deleted the addition of Rs. 6,21,029/-. "26. However, in the assessment year 1998-99, 1999-2000 and 2001-02 the Ld. CIT(A) has ....