In the result, the assessee's appeals are partly allowed
Bench: Sh. Sanjay Arora & Sh. N.K.Choudhryi.T.A Nos.399&400(Asr)/2015 Assessment Years: 2007-08&2009-10 Pan: Aaefh 5966J
property dealing, is a related concern in-as-much as its’ two partners are fathers of two of the three partners of the assessee-firm. The returned income being nil, assessment was framed at Rs. 11 lacs, being Rs. 10 lacs added u/s. 69/69A on account of unexplained expenditure, and Rs. 1 lac estimated as income on contract work