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2021 (9) TMI 408 - AT - Income TaxRevision u/s 263 - excess stock found during the course of survey and taxability - difference in the physical stock and the stock recorded in the books of accounts - HELD THAT:- On perusal of statement of Shri Ram Kumar Soni recorded u/s 133A it is noted that in response to question no. 6, he has offered an amount of ₹ 70 lacs to tax towards difference in stock and other deficiencies and during the course of assessment proceedings, there is a clear affirmation by the AO that the assessee has offered additional income for stock and other discrepancies pointed out during the course of survey as income in his return of income and the same was brought to tax at the rate of 30% under section 115BBE - The matter relating to excess stock found during the course of survey and taxability thereof has been specifically discussed in the body of the assessment order. Thus, it cannot be said that there is failure on part of the AO to examine the same. Excess stock of Gold Jewellery and silver jewellery - Figures relates to the stock which was recorded in the books of accounts as on the date of the survey as apparent from the trading account for the pre survey period which is also reproduced by the ld PCIT in the impugned order and not the figure of excess stock found during the course of survey. The excess stock which was found during the course of survey and the stock of gold and silver in the trading account has been corresponding increased in the trading account by the assessee and the same has been duly examined by the Assessing Officer along with other discrepancies found during the course of survey and the discrepancies on account of excess stock and other discrepancies adding up has been offered to tax by the assessee as we have noted above and duly brought to tax by the Assessing officer by invoking provisions of section 115BBE. There is no basis to hold that the order passed by the AO is erroneous so far as prejudicial to the interest of the Revenue. The order of the ld PCIT is hereby set-aside and that of the AO is sustained. - Decided in favour of assessee.
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