2019 (5) TMI 1728

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....ingla, Sr. D.R. ORDER O. P. Meena, 1. This appeal by the Revenue is directed against the order of learned Commissioner of Income tax (Appeals)-V, Surat (in short "the CIT (A)") dated 28.10.2010 pertaining to Assessment Year 2007-08, which in turn has arisen from the assessment order passed under section 143 (3) dated 31.12.2009 of Income Tax Act, 1961 (in short 'the Act') by the Deputy Co....

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....s under valuation. Accordingly, show-cause notice was issued to him BY DRI. However, the said statement was retracted later. But the AO did not accept the explanation and made addition based on peak working at Rs. 32,57,962 as unaccounted investment. It was revealed that the assessee has imported goods worth Rs. 5,17,58,483 for the year under consideration. Out of such purchases, the assessee has ....

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....xpenditure were in fact was made. It was further held that the AO has not brought on record any material to the alleged payments. 5. Being aggrieved, the Revenue has filed this appeal before the Tribunal. The ld. Sr. D.R. relied on the order of the AO. It was contended that there was under invoicing of as per statement of partner. However, the statement was retracted. Therefore, CIT (A) ought t....