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2013 (11) TMI 476 - AT - Income TaxAddition of amount by A.O. on account of deficit in stock Survey under section 133A is conducted - Deficit stock i.e., physical balance ascertained being lower than book balance as per computer records - retraction of statemetn Held that:- When the reconciliation statement was prepared and furnished by the assessee after the survey to explain the deficit in stock found during the course of survey and the same was supported by third party evidence, the same should be considered on merit after necessary verification. Deletion of the addition of Rs. 24,45,670/- made by the A.O. on account of excess stock found during the course of survey Held that:- The basis given by the ld. CIT(A) for deleting the addition made by the A.O. on account of excess stock found during the course of survey is not sustainable - When certain items of stock were found to be in excess at the time of survey, the onus in this regard was on the assessee to explain the said difference and if he has failed to discharge this onus successfully and satisfactorily, the addition can be made on account of excess stock u/s 69-B of the Act It is fair and proper to set aside the impugned order of the ld. CIT(A) on this issue and restore the matter to the file of the A.O. for deciding the same afresh after taking into consideration the explanation offered by the assessee in respect of excess stock found during the course of survey Decided in favor of Revenue. Delayed payment of employees contribution to provident fund Held that:- Reliance is placed upon the judgment in the case of Allied Motors (P.) Ltd. v. Commissioner of Income-tax [1997 (3) TMI 9 - SUPREME Court], wherein it was held that the amendment made in the proviso to section 43-B being clarificatory in nature is applicable with retrospective effect The decision in the above case was followed and held that it is hereby deleted the disallowance made by the A.O. and sustained by the ld. CIT(A) on account of payment of employees contribution towards provident fund made before the due date of filing the return of income for the year under consideration Decided against the Revenue.
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