M. MURALIDHARA RAO Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) THESE are cross -appeals by Assessee and Revenue against the Order of Ld. CIT(A) -VI, Hyderabad dated 28.12.2012. Since, common issues are involved in these appeals, these are heard together and decided by this common order.

(2.) BRIEFLY stated, assessee is an individual in the business of trading in surgical items in the name and style of M/s. Sri Krishna Surgicals, a proprietary concern. Survey was conducted on 03.11.2008, in the business premises of the appellant along with the business premises of M/s. Fair Deal Enterprises, a proprietrix concern of Mrs. M. Sailaja, wife of assessee. During the course of the survey proceedings, certain lose 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.) ASSESSEE raised 5 grounds out of which grounds No. 1, 4 and 5 are general in nature.