Document Fragment View

Matching Fragments

i. Assessee has admitted most of the amounts u/s. 132(4) in various statements recorded over a period of time and followed up with filing the returns admitting deficit cash. Thus, CIT(A) has erred in admitting the appeals filed in violation of provisions u/s 249(4);
ii. Revised computation, even though not discussed by the AO in the order but was commented in the remand report, cannot be accepted as valid as there is no concept of revised return in block assessments. Accordingly, the revised computations cannot be considered;
8.5. For AY. 2008-09, which is not forming the part of block period, is the regular return filed u/s. 139 and therefore a revised return can be filed within one year from the end of the assessment year which ended on 31-07-2009. Since the return filed by assessee is a valid return, the revised computation filed after that date cannot be accepted.
9. Coming to the merits of the additions made by the AO, it was submitted that incriminating material was found during the course of search which was the basis for various statements recorded. While accepting that assessee has not maintained books of account at the time of search, assessee has prepared cash flow statements on the basis of which deficit cash was worked out and Shri P. Madhusudan Reddy :- 17 -: