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2020 (12) TMI 461 - AT - Income TaxExcess stock found during the course of survey - HELD THAT:- Since no specific finding has been recorded by the Assessing Officer on verification of the said books of account, the ld. DR has submitted that the matter may be sent back to the AO for such verification which is relevant to decide the issue involved in the present case relating to the excess stock allegedly found during the course of survey. Even the assessee has not raised any objection for sending the matter back to the Assessing Officer for such verification. Accordingly, set aside the impugned order passed by the ld. CIT(A) on this issue and restore the matter to the file of Assessing Officer for deciding the same afresh after verifying the claim of assessee as regards the closing stock as on 31-03-2012 from the books of account stated to be prepared by the assessee. The assessee is directed to produce the said books of account along with supporting documentary evidence for verification of the Assessing Officer. AO is also directed to verify another contention raised by the ld. counsel for the assessee that the stock during the course of survey was wrongly valued at selling price instead of cost price. Appeal of assessee is treated as allowed for statistical purposes.
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