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2012 (11) TMI 227 - ITAT, DELHIUnaccounted income - excess stock - surrender of income of 14 lacs however retracted the same during assessment proceedings - Held that:- Assessee has claimed that the total stock found at the time of survey was Rs. 38,33,000/-. Against this figure the value of closing stock computing as per the trading account at the time of survey was amounting to Rs. 24,35,000/-. Remaining amount of Rs. 14 lacs was surrendered. Statement of account for the period 12.12.98 to 31.3.1999 was prepared by taking the opening stock Rs. 38,35,000/- and according to this statement assessee suffered a gross loss of Rs. 3,85,193/-. As per the assessee he has earned gross profit for the period 1.4.98 to 11.12.98 amounting to Rs. 1875712/- Assessee has further suffered gross loss for the period 12.12.98 to 31.3.1999 amounting to Rs. 385193/-. As a result of the above, the gross profit during the entire period came to Rs. 1490519/-. This aspect of the assessee, suffering of loss during a part of the financial year has not been discussed and examined by the authorities below. Therefore, matter is remitted to the file of the AO - Appeal of assessee allowed for statistical purposes.
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