2012 (8) TMI 1073

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....ORDER B. R. Mittal (Judicial Member) The assessee has filed this appeal for assessment year2007-08 against order dated 8.3.2011 of ld CIT(A)-25, Mumbai. 2. In Ground Nos.1 & 2 of appeal, assessee has disputed the order of ld CIT(A) in confirming the addition made by the AO of Rs. 1,59,000 by rejecting assessee's claim of bad debt. 3. The assessee claimed bad debt of Rs. 1,59,000. Asses....

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....oposed to purchase from the said party to whom advance was made. Further, there is no invoice or any correspondence to substantiate the contention of the assessee. In view of above, we do not find any merit in the contention of ld A.R. Hence, we uphold the order of ld CIT(A) and reject the ground Nos.1 & 2 taken by the assessee. 5. In Ground Nos.3 & 4 of appeal, assessee has disputed the order ....

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....43 of PB, which is a copy of ledger account of M/s. Steel World and submitted that assessee has not received any interest from Rajvaibhav Enterprises (P) Ltd.,. He submitted that merely on the basis of AIR information and without any evidence that assessee has received any interest from it, hence the amount could not be added to the income of the assessee. Ld D.R. merely relied on orders of author....

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....n is not justified. Accordingly, we delete the addition of Rs. 2,66,916 by allowing ground Nos.3 & 4 of appeal taken by the assessee. 10. In Ground Nos.5 & 6 of appeal, assessee has disputed the confirmation of addition of Rs. 75,000 made by the AO on account of low G.P. on estimate basis. 11. We have considered submissions of ld representatives of parties and orders of authorities below. ....