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2018 (5) TMI 348 - AT - Income TaxAddition to the closing stock by way of inputting proportionate expenses towards custom duty and clearing charges - Held that:- As assessee was given ample opportunities by the departmental authorities to explain as to why proportionate charges should not be loaded to the closing stock, that he did not file any explanation in that regard, that the FAA had restricted the addition to the custom duty and clearing charges only, that he had given relief to the assessee about the indirect expenses. As the assessee had loaded custom duty and the clearing charges to the P&L account, it was his duty to include the same while valuing the closing stock for the year under consideration. Failure on part of the assessee resulted in addition made by the AO and partly sustained by the FAA. No legal infirmity in the order of the FAA, as the assessee has not followed the provisions of the Act as well as the accounting standards. - Decided against the assessee. TDS u/s 194C - Addition u/s. 40(a)(ia) - no tax was deducted from clearing and forwarding charges - Held that:- FAA has not considered the argument of double disallowance, as the assessee had not argued the same before him. We are of the opinion that double taxation/double deductions are not to be allowed/made while determining the income of an assessee for a particular year. We would direct the AO to make verification in that regard and restrict the disallowance at one place only, as submitted by the assessee for verification purposes we restore that the issue to the file of the AO Addition made under section 68 - Held that:- Assessee did not file the most crucial document i. e. the bank statement of the NRI creditors, though he had been asked to do so on more than one occasions. As he could not prove the genuineness of the transaction and the creditworthiness of the NRI. s, so, the departmental authorities were left with no option but to make/confirm the additions of the disputed amount to the total income of the assessee. - Decided against assessee.
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