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2022 (5) TMI 1373 - AT - Income TaxExcess stock found during the course of survey - Retraction of statement - HELD THAT:- AR failed to lead any evidence to the effect that the goods against such invoices were received before the date of survey but the invoices were not entered as these were received later on. Given the fact that the actual stock was counted at the time of survey, and the tentative Trading, Profit and loss account was drawn which indicated excess stock of Rs. 8.46 lakh; the assessee admitted such excess stock without raising any issue at that time; later on issued a retraction letter after more than two months but still without furnishing any detail of the alleged late receipt of invoices; taking a contention after two years that 23 invoices were received later on and still failing to lead any evidence to demonstrate that such invoices were received after the date of survey but the goods were received before the date of survey, entire case made by the assessee for the relief gets demolished. The contention seeking relief is based solely on the premise that certain goods were received in stock but the corresponding invoices were received after the date of survey. However, no evidence to corroborate such a version has been provided. It goes without saying that the onus to prove that the earlier admission at the time of survey was wrongly made, was on the assessee because it was he who was retracting. If this contention, not backed by any evidence, is removed from reckoning, there is nothing to justify the retraction.Therefore, satisfied that the authorities below were justified in making and sustaining the addition of excess stock found at the time of survey. - Decided against assessee.
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