RAJMAL LAKHICHAND Vs. JCIT

JUDGEMENT

(1.) ITA No. 532/PN/2013 filed by the assessee and ITA No. 607/PN/2013 filed by the Revenue are cross appeals and are directed against the order dated 04 -01 -2013 of the CIT(A) -II, Nashik relating to Assessment Year 2009 -10. ITA No. 663/PN/2013 filed by the assessee is directed against the order dated 04 -02 -2013 of the CIT(A) -II, Nashik relating to Assessment Year 2009 -10 rejecting the application of the assessee u/s. 154 of the I.T. Act. For the sake of convenience, all these appeals were heard together and are being disposed of by this common order.

(2.) FACTS of the case, in brief, are that the assessee is a partnership firm and is one of the concerns of well know Rajmal Lakhichand group of cases of Jalgaon. The assessee is engaged in the business of gold and silver, making of ornaments as well as selling bullions. The assessee filed its return of income on 25 -09 -2009 declaring NIL income. The Assessing Officer completed the assessment u/s. 143(3) vide order dated 26 -02 -2011 determining the total income at Rs. 8,76,65,079/ - by making the following additions:

(3.) 1] The learned CIT(A) erred in making following additions - -