ITO 25(3)(4), MUMBAI vs. VIRAL P MODI, MUMBAI

The aforesaid appeal have been filed by the Revenue against the impugned orders dated 11/10/2012, passed by the CIT(A)-35, Mumbai in respect of the order of assessment passed u/s 144 of the Income Tax Act, 1961 for the assessment years 2009-10 on the following grounds:- i) "On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in restricting the addition to Rs. 19,37,319/- unexplained cash credit u/s 68 instead of Rs. 45,32,523/- without giving any basis for arriving at such a figure.” ii) “On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in arriving at a figure of Rs. 19,17,913/- on the basis of recast Trading & Profit & Loss a/c filed by the appellant without giving an opportunity to the A.O. to examine the additional evidence produced by the assessee in violation of provisions of Rule 46A of the I.T.Rules, 1962”. iii) “On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in accepting assessee’s version that cash withdrawal from undisclosed bank is for the purpose of purchases etc. without verifying its implication under the provisions of Section 40A(3) of the I.T.Act-1961.” iv) “On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in deleting an amount of Rs.2,00,000/- as unexplained investment without bringing anything on record nor giving any cogent reasons for doing so.” v) “The appellant prays that the order of the Ld.CIT (A) on the above ground be set aside and that of the AO’ be restored.” vi) “The appellant craves leave to amend or alter any ground or add a new ground.”

Order pronounced in the open court on 03rd March, 2016