Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (9) TMI 1291 - ITAT JAIPURAddition on unexplained investment in excess stock - Held that:- In terms of ld AR’s contention that there was no retraction but reconciliation of facts and figures as compared to what has been stated and documented at the time of survey, it is noted that though the ld CIT(A) has initially made an observation that there was no immediate retraction and it is a case of delayed retraction and not reliable. At the same time, he has gone through the assessee’s letter dated 30.03.2011 relating to unrecorded purchase bills at the time of survey and expenses in the books of accounts, excess valuation of the stock etc., compared it with the position in the return of income, taken into consideration the remand report of the AO and gone through each of the contentions raised by the ld AR along with the rejoinder to the remand report in terms of unrecorded purchases, valuation, set off etc and has come to a well-reasoned decision. We see no reason to interfere with the order of ld CIT(A) and the same is hereby confirmed. - Decided against assessee
|