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2015 (6) TMI 834 - AT - Income TaxAddition on account of difference in creditors account - Held that:- The admitted fact remains that the assessee has not recorded the transaction in its books of accounts in the year under consideration. The assessee has made alternative submission that a direction be issued to the CIT(A) to exclude the amount from the total income of the assessment year 2008-09. Since the present appeal is related to AY 2007-08, the admitted facts are that the transactions were not recorded during the year under consideration. Therefore, we do not see any reason to interfere with the order of the ld.CIT(A) on this issue. - Decided against assessee. Addition made on account of undervaluation of closing stock - Held that:- From the bills of job charges issued to the assessee company by process houses, produced by the assessee company, it was seen that the average rate of job charges at the end of the year is ₹ 7.25/mtr. Thus the average value of finished goods per meter works out to ₹ 18.10. As such, the value of the closing stock of 16,847.90 mts of finished goods lying with the assessee as on 31.03.2007 works out to ₹ 3,04,947/- (16,847.90 mts x ₹ 18.10). As such, the total value of closing stock with the assessee works out to ₹ 26,67,345/- (Rs.23,62,398/- + ₹ 3,04,947), as against the value of ₹ 22,26,598/- disclosed by the assessee company in its return of income. In other words, the closing stock of the assessee company is suppressed by an amount of ₹ 4,40,747/- (Rs.26,67,345 (-) ₹ 22,26,598).The aforesaid finding of the Assessing Officer is not controverted by placing any material on record by the assessee. Therefore, we see no reason to interfere with the order of the authorities below. - Decided against assessee.
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