TMI Blog2010 (1) TMI 124X X X X Extracts X X X X X X X X Extracts X X X X ..... n stocks – no addition could be made on account of alleged discrepancy of stock – decided in favor of assessee - 1418/2009 - - - Dated:- 14-1-2010 - CORAM: HON'BLE MR JUSTICE BADAR DURREZ AHMED HON'BLE MR JUSTICE SIDDHARTH MRIDUL 1. Whether reporters of local papers may be allowed to see the judgment? 2. To be referred to the Reporter or not? 3. Whether the judgment should be reported in the Digest? BADAR DURREZ AHMED, J (ORAL) 1. This appeal is directed against the order passed by the Income Tax Appellate Tribunal (ITAT) on 21st November, 2008 in ITA No. 349/Del/2005 pertaining to the block period from 1st April, 1996 to 3rd September, 2002. 2. The Assessing Officer had noticed discrepancy of stock an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ad) 293, reliance upon which was placed by the ld. counsel for the assessee where the Hon'ble High Court has held and observed as under:- Extracted from head-note "The additions were made only by relying on the findings of the customs authorities and the said findings, which are the basis for making additions, are now set aside by the appellate authority. The AO has not made any independent enquiry and also there is no corroborating evidence to support the case of the Revenue. It is also found that even the assessee, whose statement was recorded by the Central Excise authorities, has not been examined by the AO. Further, the assessee was not given an opportunity to cross-examine them. Based on the above findings, both the authorities are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng Officer and the same have been confirmed and enhanced by the Commissioner of Income-tax (Appeals). However, the additions have been deleted by the Income-tax Appellate Tribunal by virtue of the impugned order in view of the fact that the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has returned a finding that there was no discrepancy in the stocks. Apart from the evidence produced by the Central Excise Department with regard to the discrepancy in stocks, there is no evidence on record which has been placed by the Income-tax Department to establish any discrepancy in the stocks. The learned counsel for the appellant / revenue seeks time to examine the records and to place the material, if any, before this court to show that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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