M. SAILAJA Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) THESE are cross appeals by Assessee and Revenue against the order of Ld. CIT(A) -VI, dated 28.12.2012 for the A.Y. 2009 -2010. We have heard the Ld. Counsel and Ld. D.R. and perused the documents placed in paper book. Certain clarifications were also sought during the course of hearing which were considered while deciding the issues.

(2.) BRIEFLY stated facts are that assessee, an individual, is into the business of trading in surgical items in the name and style of M/s. Fair Deal Enterprises, a proprietary concern. Survey was conducted on 03.11.2008, in the business premises of assessee along with the business premises of M/s. Sri Krishna Surgicals, a proprietary concern of Mr. M. Muralidhar Rao, husband of assessee. During the course of survey proceedings, certain loose sheets/documents were found and impounded, noticing certain investments including the investments in immovable properties. Based on the said findings, the following additions were made.

(3.) IN this appeal, assessee is contesting the confirmation of addition of unexplained investment in purchase of plot vide ground Nos. 2 to 9 and addition under section 40(a)(ia) of item (g) vide grounds 10 to 12 while grounds 1 and 13 are general in nature.