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2020 (7) TMI 284 - ITAT CUTTACKUndisclosed stock - relevant assessment year - survey proceedings u/s.133A - assessee was agreed to pay self-assessment tax on it by accepting that the stock discrepancy noted - HELD THAT:- We observe from the order passed u/s.143(3) of the assessment year 2012-2013, there is no any single word found in regard to survey proceedings u/s.133A of the Act, whereas the documents were available with the same AO i.e. Ward-2(2), Balasore and the assessee accepted some discrepancy in stock and agreed to pay tax thereon. CIT(A) after taking into account of the two branches, enhanced/modified the assessment made by the AO but has given substantial relief after considering all the submissions and documents available before him. As gone through the statements recorded by the survey team of partners of the firm the total discrepancy in stock declared of ₹ 1,30,26,864/-. The total declaration made by them is ₹ 1,30,26,864/- only for the assessment year 2012-2013 in which they have undertaken payment of self-assessment tax of ₹ 40 lakhs in four installments. Except the above declaration, there are nowhere in the statements recorded during the course of search, any other declaration by the partners. As noted from the order of both the authorities below that they have made additions for the financial year 2012-2013 relevant to assessment year 2013-2014. Once the statements have been accepted by the survey team the tax should be calculated by them for the relevant years accepted by the assessee. In view of the above findings noted by us, it should be taxed in the assessment year 2012-2013. Accordingly, we quash the order of both the authorities below and delete the entire addition made by the AO. Cash balance found in the cash box - As decided the entire issue that declaration should be added in the assessment year 2012-2013, therefore, there is no question for deciding this issue again because the amount in question as stated in this ground is included in the entire amount of declaration made by the partners. Appeal of assessee is allowed.
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