2016 (3) TMI 1418

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.... erred in deleting addition of Rs. 3,00,00,000/- made under section-68, section-69 and section- 69C of the I.T.Act, without appreciating the fact that assessee failed to offer an explanation regarding the source of Rs. 3,00,00,000/- credited in its Books of account as WIP, eventhough during the course of Survey u/s.133A of the I.T.Act on 13.03.2008, the partners of the assessee firm accepted Rs. 3,00,00,000/- as the receipt of the firm from undisclosed sources. [2] On the facts and in the circumstances of the case, the Ld.CIT(A) ought to have upheld the order of the Assessing Officer. [3] It is, therefore, prayed that the order of the CIT(A) may be setaside and that of Assessing Officer may be restored to the above extent. 2. Briefly s....

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....ever, reliance was placed on the decision of M/s.D.R.Construction which has been reversed by the Tribunal. Therefore, there is no illegality into the order of the ld.CIT(A). 4. We have heard the rival submissions, perused the material available on record and gone through the orders of the authorities below as well as the decision in the case of M/s.D.R.Construction. The AO was of the view that the unaccounted income of Rs. 3-crores offered by the assessee during the course of survey, no expenses can be claimed in any manner whatsoever, viz. by debiting corresponding expenses account and transferring it to work-in-progress account as done by the assessee. The AO rejected the contention of the assessee for the reason that the income of Rs. 3....