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2018 (2) TMI 2103 - AT - Income TaxUndisclosed stock - assessee failed to reconcile the value of stocks on the day of survey as verified by BCCL with that of stock register - objections raised by the assessee in respect of the valuation certification issued by the BCCL authority rejected - HELD THAT:- We find that under identical facts, the Co-ordinate Bench of ITAT, Ranchi remanded the issue to the file of the A.O. to conduct and consider the issue de novo in terms of the decision of Hon’ble Supreme Court in the case of Sahara India [2008 (4) TMI 4 - SUPREME COURT] has held that it was incumbent upon the authorities below to give proper reasons as to why they are rejecting the preliminary objection of the assessee for the reliance on report of the survey officers of BCCL regarding the discrepancy found during survey conducted u/s 133A - even administrative orders have to be consistent with rules of natural justice. Accordingly we remit the issue to the file of the A.O. The A.O. is directed to consider the issue de novo and pass a speaking order after considering all the aspects raised by the assessee. We deem it proper to remand the issue to the file of the A.O. for his consideration afresh in terms of the objections raised by the assessee in respect of the valuation certification issued by the BCCL authority. Profit on undisclosed sale - Since we have taken a view to remand the issue raised in ground no 2 to the file of A.O. and by following the same, we deem it proper to remand the issue in ground no 3 to the file of A.O. by taking into consideration submissions of both the parties before us.
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