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2020 (5) TMI 570 - AT - Income TaxAddition on account of peak investment with regard to interception of gold jewellery in Mumbai airport which was sold to M/s SBM Jewellers - HELD THAT:- Interception of above said jewellery was made on 14.02.12 and subsequently assessee has already recorded the above said sales in its books of accounts and the same was part of the turnover disclosed in return of income submitted before tax authorities. Since, these sales were already recorded in the books of accounts, we do not see any reason to interfere with the order passed by Ld. CIT(A), accordingly ground no. 1 raised by the revenue is dismissed. Undisclosed sales and undisclosed stock which was found during survey proceedings - HELD THAT:- We notice that the stock found during survey proceeding to the extent of 3,863.697 gms and assessee has already shown in stock in trade to the extent of 3942.152 gms in its books of accounts and the same was disclosed in financial statements and part of return of income filed before the tax authorities. There is no discrepancy found with the stock maintained by the assessee, therefore we are inclined to accept the findings of Ld. CIT(A). Interest on loans and advances taken from Bhanwarlal Jain Group - CIT(A) deleted this addition with observation that AO has rejected the books of account and the same book results cannot be considered for making this addition - HELD THAT:- We are not in agreement with the observation of Ld. CIT(A) and Ld. CIT(A) has deleted most of the additions based on the book results, therefore we are not inclined to accept the deletion on account of interest payment on alleged bogus loans. We do not know the outcome of the appeal filed by the assessee in AY 2010-11, it all depends upon the findings in above said appeal. Before us, Ld. AR has not made any submission. Moreover, we notice that assessee has only credited the interest and not actually paid. We are inclined to sustain the addition made by AO.
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