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2014 (2) TMI 939 - ITAT KOLKATAAddition made u/s 69 of the Act – Unexplained investment – Held that:- On the date of survey the stock found from the two business places i.e., at Nachinda Bazar and from Rasulpur Service Station and the item-wise details of stock found from the business premises during the course of survey - there is no stock found of HSD and lubricants at Nachinda Bazar and stock found in the business premises, at best can be added - The differences of closing stock as on 31st March, 2006 and stock found during the course of survey on 17-11-2005, the difference can be added to the returned income of the assessee - The value of petrol at Rasulpur Service Station i.e, closing stock and that of HSD (diesel) - the assessee has stock available as against stock found during the course of survey - the difference being at best can be treated as unexplained stock, which can be added to the returned income of the assessee - thus, the Assessing Officer is directed to restrict the addition at Rs.1,27,035 only – Decided partly in favour of Assessee. Difference on the stock as on date of survey and the statement submitted – Opportunity to adduce evidences – Held that:- The assessee stated that on the two issues the Assessing Officer made addition and CIT(A) also confirmed the action of AO and no proper opportunity of being heard was provided to the assessee and assessee also fails to explain the source of this deposit - the assessee requested that fresh opportunity of being heard to be provided – revenue has not objected to set aside the two issues to the file of AO – thus, the matter remitted back to the AO for fresh adjudication – Decided partly in favour of Assessee.
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