2009 (11) TMI 1039

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..... C. AGRAWAL, ACCOUNTANT MEMBER. This is an appeal filed by the assessee against the order of CIT(A) dated 13.02.2003 wherein he has confirmed an addition of Rs. 7,30,552/- being the purchases made by the assessee but not accounted for in the bills of contract. 2. The facts of the case are that assessee is a firm engaged in the business of construction. Original assessment was made under sec....

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....O gave finding that purchases made for glazed tiles, other fitting items costing Rs. 2,66,655/- and kota stones of Rs. 2,67,647/- purchased this year were not accounted for. 3. The bills submitted this year did not show any work executed with these materials. These materials were also not shown as closing stock or work in progress. He accordingly treated these expenses as undisclosed income and....

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....2 Rs. 33,20,000/- A.Y. 1992-93 Rs. 95,00,000/- A.Y. 1993-94 Rs. 35,00,000/- A.Y. 1994-95 Rs. 41,99,190/- Once contract amount is fixed then assessee is to be taxed on the basis of running bills received from year to year and, therefore, amount of purchase made in any particular year are not relevant. The assessee has not raised any bill for a sum of Rs. 7,30,552/- this year....