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2022 (5) TMI 1283 - CALCUTTA HIGH COURTAddition on account of under valuation of stock - valuation of the product sold by the assessee which was sarees - admission of the Director of the assessee in this regard made twice in a gap of about one month - survey operation under Section 133A - ITAT deleted the addition - HELD THAT:- The issue as to whether the said statement could have been made the sole basis for revision of assessment or to conclude that there was under valuation of the stock elaborately discussed by the CIT(A). CIT(A) also took note of the decision in the case of CIT Vs. Khader Khan Son [2007 (7) TMI 182 - MADRAS HIGH COURT] which was affirmed as reported in [2013 (6) TMI 305 - SC ORDER] it has been held that the Department should not insist on making any disclosure and further such disclosure made in the course of survey should not be relied upon and the assessment should be based on the papers found and impounded during the course of survey. After noting the said decision, the CIT(A) has, in our view, thoroughly examined the factual position including the reply given by the assessee to the remand report called for from the assessing officer. Ultimately, the appeal was allowed in favour of the assessee by order dated 11th July, 2014. Tribunal on its part re-examined the particulars and took note of the stand taken by the assessee during the assessment proceedings as well as before the CIT(A) and the factual findings recorded by the CIT(A) and dismissed the appeal filed by the impugned order. Thus, we find that the entire issue is fully factual and the first appellate authority as well as the tribunal have appreciated and re-appreciated the findings on record and granted relief to the assessee. Thus, we find that there is no question of law much less the substantial question of law arising for consideration in this appeal.
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