2013 (4) TMI 994

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.... M. Patel, A.R. ORDER PER : D.K. TYAGI, JUDICIAL MEMBER:- This is the Revenue's appeal against the order of Ld. CIT(A)-III dated 20-03-2009. The Revenue has taken following effective grounds:- "1. The Ld. CIT(A)-III, Ahmedabad has erred in law and on facts in restricting the addition of Rs. 17,36,436/- made by the AO on account of undisclosed income of the assessee to Rs. 8,31,64....

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.... Gujrat Multi Gas Base Chemicals Pvt. Ltd (GMGB) and Manek Chemicals Pvt. Ltd (MPCL), search was also conducted at his residence at Bhavnagar. On the basis of seized documents and statements recorded undisclosed income of assessee was assessed at Rs. 17,36,546/- on account of various additions. Ld. CIT(A) gave relief to the assessee by observing as under:- "12. The contention of the appel....

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....oup concerns GMGB, MCPL and SRCI in Appeal No. CIT(A)-III 39,40 & 43/ACIT/CC-2(2)/08-09 dated 19-03-2009, the group has accepted the determination of the undisclosed income of Rs. 2.03 crores and payment of due tax thereon. The year-wise cash flow chart (copy annexed with this order as annexure 'A') of the three group concerns, prepared and relied upon by the appellant on the basis of the aforesai....

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....entitled to relief to the extent of Rs. 9,04,791/- i.e. the value of the unexplained investments. Therefore, the addition made by the AO is therefore restricted to Rs. 8,31,645/- as against the Undisclosed income of Rs. 7,47,200/- offered before the Settlement Commission. The related grounds of appeal are therefore partly allowed accordingly." It is clear from the above that Ld. CIT(A) has give....