Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (6) TMI 729 - AT - Income TaxUnexplained stock lying at the business premises - 20957 boxes of apples (15 Kg each) lying in the business premises of the assessee were not under his ownership - non maintaining identity of customers - Held that:- We find that in the absence of any rebuttal on the specific trade practice relied upon by the CIT-A which has not been upset in the present proceedings it cannot be faulted that on the receipt of the rent the goods are handed over to the person who has brought these for storage and the identification is based on a “ nishan” / “mark” accepted by both the parties. We find that though the Ld. Sr. DR has relied upon the assessment order however nothing has been placed on record to rebut this argument of the assessee namely that there was no legal requirement or mandate for a cold storage facility to accept perishable goods for storage only from people who had PAN card identification proofs etc or after satisfying itself completely about the real identity of the persons storing his goods Considering the fact that the assessee has consistently been following the same method of recording details of goods stored in its cold storage facility from which rental income has been shown wherein the assessee has made available before the tax authorities copies of fruit receipt books, fruit gate pass book, stock register of fruit in the remand proceedings before the AO also wherein no discrepancy has been found or brought to our notice, we thus find no merit in the appeal of the Revenue. CIT-A while arriving at a conclusion has specifically referred to the view taken by the assessing officer in the case of the assessee itself in the immediately subsequent year wherein on similar set of facts and circumstances the assessing officer has accepted similar method of maintaining books of records and accounts of the assessee. - Decided against revenue
|