Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (9) TMI 690 - AT - Income TaxUndisclosed closing stock - As argued reconciliation statement was not submitted before the Assessing Officer during the assessment proceedings and the Assessing Officer, therefore, should be given an opportunity to examine/verify the same - CIT-A allowed the claim - HELD THAT:- Explanation as regards the alleged closing stock as pointed out by the AO was also made on behalf of the assessee even during the course of assessment proceedings before the AO and as rightly observed by the ld. CIT(A) in his impugned order, the same was summarily rejected by the Assessing Officer without assigning any reason. CIT(A), on the other hand, had duly considered and examined the submission of the assessee in the light of the reconciliation statement prepared and furnished by the assessee and on such examination, he found that the undisclosed 4248 bales of raw jute stock as allegedly pointed out by the Assessing Officer were already included in the closing stock as on 31/02/2008 as credited by the assessee in the profit and loss account. At the time of hearing before us, the ld. D/R has not been able to rebut or controvert this finding recorded by the ld. CIT(A) in this impugned order while deleting the addition made by the Assessing Officer on account of alleged closing stock. We, therefore find no justifiable reason to interfere with the impugned order of the ld. CIT(A) on this issue giving relief to the assessee and dismiss Ground No. 1 of the revenue's appeal. TDS u/s 194C and 194I - Disallowance u/s. 40(a)(ia) - Non deduction of TDS on payment of storage charges and freight - HELD THAT:- CIT(A) in his impugned order remarked to point out that there was a failure on the part of the assessee to deduct tax at source only from the payments on account of freight and godown/storage charges as specifically pointed out by the Assessing Officer. The ld. D/R also not been able to dispute this position which is clearly evident from the remarks made by the Assessing Officer in the remand report submitted to the ld. CIT(A). We, therefore, find no infirmity in the impugned order of the ld. CIT(A) restricting the disallowance made by the Assessing Officer u/s. 40(a)(ia) of the Act to ₹ 40,25,900/- and upholding the same on this issue, we dismiss Ground No. 2 of the revenue's appeal.
|