2012 (6) TMI 921

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....rba Kr. Das, ld.CIT/DR For the Respondent:-S/Shri S.M Surana & D.K Sen, Advocate, ld.ARs ORDER Per Bench The appeal in ITA No.1492/Kol/2011 is filed by the revenue against the order of the learned Commissioner of Income-tax (Appeals), Durgapur in Appeal No. 84/CIT(A)/DGP/2009-10 dated 12- 08-2011 for the assessment year 2007-08 and Cross Objection No.70/Kol/2011 is the cross objection ....

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....for the assessee submitted a copy of balance sheet for the year ended on 31-3-2007 and submitted that the said loan was shown under the head Term Loan' in the said balance sheet. It was the submission that the addition deleted by the learned Commissioner of Incometax (Appeals) was liable to be upheld. 6. We have considered the rival submissions. A perusal of page-2 2nd paragraph of the assessme....

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.... by the learned AR for the assessee that in the course of assessment the Assessing Officer made an estimated addition being the difference between the departmental valuation officer's cost of construction of the building named Dhruva Tara lodge and as disclosed by the assessee in his books of account. It was the submission that the books of account of the assessee has not been rejected and as long....

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.... was the submission that the addition as sustained by the learned Commissioner of Income-tax (Appeals) was reasonable and should be sustained. He vehemently supported the order of the learned Commissioner of Income-tax (Appeals) on this issue. 10. We have considered the rival submissions. A perusal of the decision of the Hon'ble Supreme Court in the case of Sargam Talkies (refer to supra) clear....