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2023 (12) TMI 627 - ITAT AHMEDABADAddition u/s. 69B r.w.s. 115BBE - difference of value of stock of Gold and Silver - assessee has not shown the correct figures of opening and closing stock and suppressed the figure in audited balance sheet or auditor has failed to do audit correctly and truly - HELD THAT:- AO ought to have considered the data filed by the assessee before GST Authorities namely the monthly return in Form 3B and Annual return in Form 9 and 9C. As claimed that the AO failed to appreciate that the valuation of the stock has a cascading effect, the assessee will get higher value on carry forward of stock as opening stock in the succeeding year. Thus, it is claimed that the addition made by the A.O.is against the provisions of law. As observed that the tax-audit report filed by the assessee does not carry the details of purchases as well sale of Gold and Silver. The assessee was asked by the authorities below to file revised tax-audit report, but the assessee failed to file the same. The purpose and purport of tax- audit report is to assist the authorities to compute correct tax liabilities in framing assessment. The tax-audit report is certified by qualified Chartered Accountant, and if any discrepancies are found in the tax-audit report, it is incumbent on the assessee to obtain and file Revised Tax-Audit Report. AO also asked assessee to file documents for preceding years, which the assessee did not file. We have observed that the assessee has filed voluminous paper book containing 688 pages, and the claim made by the assessee requires verification by the authorities below. Thus, it will be appropriate, if the matter is restored to the file of the AO for consideration of the claim of the assessee afresh and frame denovo assessment. The assessee is directed to co-operate with AO and file all necessary and relevant details called for by the AO during set aside/remand assessment proceedings - AO shall give proper opportunity of being heard to the assessee in accordance with principles of natural justice in accordance with law. Estimating profit @ 0.15% being the difference of STR report and turnover wherein the STR report was not provided to the assessee - We deem it fit to set aside the matter back to the file of the Assessing Officer with a direction to pass fresh assessment order by giving adequate opportunity to the assessee to explain its case. Needless to say, the assessee should cooperate with the Ld. A.O. in completing the fresh assessment.
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