TMI Blog2020 (4) TMI 661X X X X Extracts X X X X X X X X Extracts X X X X ..... - Shri Ramesh C Sharma, Accountant Member For the Assessee : Shri Hemang Gargieya (Adv) For the Revenue : Shri Manmohan Kandpal (ACIT) ORDER PER: R.C. SHARMA, A.M. This is an appeal filed by the assessee against the order of ld. CIT(A), Ajmer dated 25/01/2016 for the A.Y. 2010-11 in the matter of order passed U/s 143(3) of the Income Tax Act, 1961 (in short, the Act), wherein the assessee has raised following grounds of appeal: 1.1 ₹ 10,86,165/-: - The Ld. CIT(A) erred in law as well as on the facts of the case in denying the benefit of the availability of the stock, the income of which has already been surrendered in respect to the unaccounted purchases of ₹ 13,00,000/- towards the short stock/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... siness premises of Goyal Group at Ajmer, which also included the assessee. During the course of survey, the assessee offered for taxation the amounts of undisclosed income on account of Cash Stock of ₹ 14,55,858/- (₹ 1,55,858 Cash + ₹ 13,00,000/-). But the same were not included by the assessee in its return of income. However, assessment was completed at total income of ₹ 15,00,390/-, by making additions on account of the alleged excess cash of ₹ 1,55,858/-, alleged investments in the unaccounted purchases of ₹ 13,00,000/- and GP on short stock of ₹ 754 with others, pursuant to the survey. 3. By the impugned order, the ld. CIT(A) has accepted the availability of cash of ₹ 1,55,858/- sayi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sale where only 10% could have been added as a part of the suppressed profit. Accordingly, the addition of ₹ 13 lakhs, is purely based on misconception of facts law both. Q.15 speaks of sale only. 5. From the record I found that the authorities below have solely relied upon the statement of the assessee with reference to Ishwar Lal Teli (consignor) i.e. Q-16 and reproduced by the CIT(A) also at Page-2 in his order and hence drawn an inference that this shows an admission on the part of the assessee that some purchases were made from Ishwar Lal Teli which were not accounted for and simply by referring to telephonic conversation with Ishwar Lal Teli, it was inferred that no bill was to be received by the assessee and only bilty was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 49,91,775/- found on the day of survey leaving short stock of ₹ 10,86,165/- which was a case of suppressed sale and then explanation of the assessee was called upon. In response, the assessee very stated that ₹ 10,86,155/- was his suppressed/undeclared sale on which he was agreeable to the addition of the GP @ 2.60% based on the past history, which came to ₹ 28,240/- (and which had already been declared in the return filed after the date of survey). 7. From the record, I found that the entire purchases made by the assessee either on its own account or even the goods received on account of Aadat sale, has duly been entered in the quantitative stock register and this way, the entire purchases made is fully accounted for. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pose, reliance is placed on the following judicial pronouncements: (i) CIT v/s President Industries (2000) 158 CTR 372 (Guj) (ii) Bansal Rice Mills v/s ITO (2001)72 TTJ 1 (Chd) (TM). 10. In this regard, I also observe that the impugned addition made and confirm is solely based on the statement of the assessee without any corroborative evidence. 11. The Coordinate Jaipur Bench of ITAT has already been taking this view in the case of ITO vs. Suresh Chandra Koolwal (2004) 32 TW 23 (Jp). Various Benches of the ITAT have taken similar view such as in the cases of R. K. synthetics 30 TW 228 (Jd). Ashok Kumar Soni vs. DCIT (2001) 72 TTJ 323 (Jd), Karam Chand vs. ACIT (2000) 73 ITD 434 (Chd): (2000) 68 TTJ 789 (Chd) Rishab Kumar Jain ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
