Order u/s 143(3) passed - Appeal to be filed


Querist : Anonymous (Querist) 07 December 2010

Dear sir

AO has made additions u/s 69A on a/c of unexplained cash deposits.

The assessee is filing return u/s 44AF and in the business of Building Material.

During the course of proceedings the Assessee revised his return to increase his T.O. from 9Lac to 25Lac but the A.O. did not accept ( SC -Goetz India Ltd. Vs.CIT) the same as the same is not allowed.

The assessee deposited cash in diffrent dates to the tune of 18 Lac and have some cheque entries( Loan) amounting to Rs. 10Lac. The loan was repaid within a few days during the yr itself.

The Assessee also has made payments to the tune of Rs. 16.57Lac for his son's studies.

The assessee made following submission to the AO at the time of Proceedings--
capital a/c
Opening 11.6 Lac
Profit 1.10
Drawings 1.20 Household
LIC .40

The AO arrived at the figure of addition by adding payment of child fees of Rs. 16.57L and made addition
Fees-school 16.57

Demand notice has been issued alongwith penalty notice u/s271(1)(c)-- Demand 1.25LAC + penalty

1) On What ground we should file an appeal
2) Can we submit additional evidences in appeal or there is some other way to submit additional evidences.--permission
3)procedure in appeal
4) if we loose whether the penalty can be waived off,if yes whether for that we will have to file separate appeal

5) what are the chances that we win

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