Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (2) TMI 222 - AT - Income TaxUnexplained closing stock - discrepancy of the actual stock and the stock as recorded in the books of account of the assessee difference between the actual value of closing stock as on 23.3.2002 and the value of closing stock determined by the Department survey party - Contention of the assessee that the assessee makes the valuation of closing stock on the basis of purchase value of the materials and the department has determined the value of closing stock on the basis of sale value and has submitted copies of purchase and sale statement for the period from 1.4.2011 to 22.3.2012 and 1.4.2011 to 31.3.2012 and closing stock statements as on 22.3.2012 and 31.3.2012 - HELD THAT:- Nowhere, in the assessment order, it is reflected that the assessee has furnished the above documents before the Assessing Officer. It is not disputed that the assessee has agreed before the survey team that there was excess stock of 17,18,792/-, and advance tax was paid by the assessee. The contention of the assessee that subsequently the stock was found tallied with its books of account is an afterthought and no evidence in this regard was produced before the lower authorities immediately after the survey. The survey was done in the presence of the assessee and hence, it cannot be alleged that the assessee was forced to sign the recorded statement. Find no infirmity in the order of the ld CIT(A) in confirming the addition made by the Assessing Officer. Dismiss the grounds of appeal of the assessee.
|