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2010 (2) TMI 76 - HC - Income TaxUndisclosed stock – CIT(A) and ITAT deleted the addition of Rs 1,15,44,926/-, which the Assessing Officer had made on account of undisclosed stock found with the assessee during the course of a survey - Commissioner of Income Tax (Appeals) observed that the crux of the matter pertains to the genuineness of purchase of Rs 1,46,00,078/- made by the respondent-assessee prior to the date of survey but which were not entered in the purchase account in the financial books. The Commissioner of Income Tax (Appeals) also noted that out of this, purchases to the extent of Rs 1,24,00,747/- were represented by six bills from M/s Sanjay International and M/s Maxwell. The case of the assessee was that even though the entries of such material had been made in the stock register and such stock was physically found in the factory premises of the assessee and formed part of the inventory taken in the survey, the purchase value of these items had not been debited in the purchase account as the purchase bills had not been handed over to the accountant for making entries thereof in the books of accounts. It was observed by the Commissioner of Income Tax (Appeals) that, as against this, the Assessing Officer felt that the aforesaid purchase bills had been arranged after the survey and were, therefore, not genuine. – held that - . The present appeal is not a case where relevant evidence has not been considered nor is it a case where a finding has been returned by placing reliance on inadmissible evidence. Whatever is sought to be agitated before us was considered by the Commissioner of Income Tax (Appeals) as well the Tribunal. The Commissioner of Income Tax (Appeals) as well as the Tribunal have not placed reliance on any inadmissible evidence either. Consequently, the findings arrived at by the Tribunal cannot be interfered with
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