2013 (1) TMI 962

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....ent by : Shri S.Rama Rao O R D E R Per Chandra Poojari, Accountant Member: This appeal by the assessee is directed against the order of the Commissioner of Income-tax (Appeals) Guntur dated 9.3.2012, for the assessment year 2009-2010. 2. Revenue raised the following grounds- "1. The Order of the Learned. CIT(A) is erroneous both in law and on facts. 2) The Learned. CI....

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....ers of the lower authorities and other material on record. In this case, the return of the assessee was processed under S.143(1) of the Income-tax Act, vide intimation dated 7.9.2010, wherein the Assessing Officer considered the deemed income under S.115JB of the Act at Rs. 69,19,580, being net profit as per the Profit & Loss Account, as against the returned loss. The Assessing Officer made certai....