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2014 (7) TMI 767 - AT - Income TaxAddition u/s 69C of the Act Liquor purchases - Difference in AIR information Held that:- Once the assessee has discharged its initial onus of reconciling the purchases vis-ΰ-vis the bills in its book of account, then burden shifts on the Revenue to show that such an information is corroborated by cogent material on record that the assessee had made purchases from this party - If such material is not brought, then no adverse inference should be taken - the confirmation from the party has been received by the department - the confirmation was not available with the AO as well as CIT(A) As regards the addition which is on account of difference in liquor purchase, once the assessee has reconciled all the purchases recorded in the books of account from the bills, then for making further addition the AO should have made out a preliminary inquiry from the vendors about the quantity of sale made by them to the assessee - thus, the matter is remitted back to the AO for verification of claim Decided in favour of assessee. Loss of trading stock due to fire Deduction for business loss of trading stock Held that:- This is also prima facie borne out from the various evidences placed before us in the paper book - If it is a loss on account of stock-in-trade, then definitely it is on revenue account and has to be allowed as deduction while computing the profits u/s 28 of the Act - a claim cannot be made for the first time before the AO or before the CIT(A), as it tantamounts to revising of the return of income - the assessee has also brought on record that it has received the insurance claim on account of loss due to fire in the subsequent year and the same has been offered for the tax in the AY 2009-10 the entire issue of claim of deduction of loss should be sent back to the file of the AO for examination of claim decided in favour of Assessee.
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