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2015 (6) TMI 54 - AT - Income TaxUnexplained stock of finished goods - CIT(A) deleted the addition on the basis that the books of account and documents pertaining to survey were not examined by the Assessing Officer as per directions of the ITAT and has simply followed the findings made in the assessment order which was passed under sec. 147/143(3) - Held that:- The Learned CIT(Appeals) has also reproduced his predecessor’s order wherein it has been mentioned that the books of account were produced before the Assessing Officer during the course of assessment as well as reassessment proceedings; in the course of assessment proceedings, all the information and documents called for by the Assessing Officer were furnished; the books of account were audited by a firm of Chartered Accountants and their report was unqualified, full quantity tally of raw-material, finished goods etc. was maintained; the total turnover declared for the year has been accepted as correct by the Assessing Officer; complete books of account and vouchers for purchases, sales and expenses were maintained; the purchases were made from the dealers registered with the sales-tax department and they were paid for by account payee cheques and the appellant’s bank account corroborated this, etc. In absence of conduction of its independent investigation by the Assessing Officer in the matters, as directed by the ITAT, we are thus of the view that the Learned CIT(Appeals) was justified in deleting the additions in question. The same is upheld. - Decided against revenue.
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