2017 (9) TMI 736

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.... of the case and in law, the Hon'ble ITAT is justified in upholding the order of CIT(A) in deleting the addition of Rs. 6,05,69,228/as bogus credit u/s 68 of the Act? (B) Whether, on the facts and in the circumstances of the case and in law, the Hon'ble ITAT is justified in upholding the order of CIT(A) in deleting the addition of Rs. 3,00,00,000/as unexplained share application money u/s 68 of the Act? (C) Whether, on the facts and in the circumstances of the case and in law, the Hon'ble ITAT is justified in allowing relief of Rs. 6,51,08,354/out of Rs. 7,63,83,662/as unaccounted sales on the ground that the same was offered in the hands of MD Anil Gupta, when the order of CIT(A) clearly mentions that Anil Gupta offered in ....

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....tion to unaccounted sales of Rs. 1,67,46,269/and he offered gross profit on them, amounting to Rs. 8,37,313/as undisclosed income. From where the Tribunal derives the knowledge that Mr. Anil Gupta's explanation relates to a sum of Rs. 6,51,08,354/has not been clarified. 9. Para 25 of the Tribunal's order reads as under: " 25. At the outset, Ld Counsel for the assessee mentioned that ground no.1 relates to the addition of Rs. 7,63,83,662/made by the AO on account of sales outside the books of accounts. In this regard, Ld Counsel demonstrated a sum of Rs. 6,51,08,354/, which is a part of the above addition, was already offered to tax in the hands of Shri Anil Gupta, M.D., M/s. SKS Ispat Ltd. In support of the same, assessee filed th....