Mere discrepancies in books results not sufficient to change status of assessee

IN THE ITAT CUTTACK BENCH Assistant Commissioner of Income-tax versus Cuttack Development Authority IT APPEAL NO. 230 (CTK.) OF 2012 C.O. NO. 32 (CTK.) OF 2012 ASSESSMENT YEAR 2007-08 SEPTEMBER 14, 2012 ORDER K.K. Gupta, Accountant Member – The appeal by the Revenue for the Assessment Year 2007-08 is against the order dt.19.1.2012 of the CIT(A), raises the following grounds:  1.  In the facts and circumstances of the case, the ld. First Appellate Authority is not justified in directing for acceptance of the loss in the revised return especially when the books of accoun...