TMI Blog2010 (7) TMI 627X X X X Extracts X X X X X X X X Extracts X X X X ..... Decided in favour of assessee. - IT APPEAL NO. 3120 (DELHI) OF 2009 - - - Dated:- 23-7-2010 - C.L. SETHI, A.K. GARODIA, JJ. Smt. Banita Devi Naorem for the Appellant. K. Sampath for the Respondent. ORDER C.L. Sethi, Judicial Member. The Revenue is in appeal against the order dated 23-4-2009 of the learned Commissioner of Income-tax (Appeals) pertaining to the assessment year 2005-06. 2. The only ground raised in this appeal is as under : "On the facts and in the circumstances of the case and in law, the Commissioner of Income-tax (Appeals) erred in deleting the addition of Rs. 26,00,000 made by the Assessing Officer as difference in valuation made by the approved valuer and stock inventory prepared physically ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... um of Rs. 34 lakhs for taxation. It was further stated by the Assessing Officer that Rajender Talla in his statement had offered Rs. 26 lakhs in the hands of the dissolved firm. The Assessing Officer has made this addition of Rs. 26 lakhs in the hands of the present assessee-firm, which stood dissolved with effect from 7-5-2004. 4. On an appeal, the learned Commissioner of Income-tax (Appeals) deleted the addition by observing as under : "I have carefully considered the facts of the case and the submissions made by counsel of the appellant. It is clear from the written submission made by counsel that the firm M/s. Vishal Jewellers was dissolved with effect from May 6, 2004 and the closing stock as on May 6, 2004 was taken over by the co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment order. Counsel during the assessment proceedings vide letters dated 10-12-2007, 12-12-2007 and 13-12-2007 communicated the position of stock and clarified that the stock physically verified by the survey team belongs to the company, M/s. Vishal Gold and Precious Stones (P.) Ltd. These letters are kept in the assessment folder but they have not been considered or rebutted by the Assessing Officer. The Assessing Officer has solely relied on the statement of the partner Shri Rajinder Kumar. The quantitative tally of the stock as per physical verification and as per books of account of M/s. Vishal Gold and Precious Stones (P.) Ltd. leave no room for making any addition, whatsoever. 4.2 The addition made by the Assessing Officer at Rs. 26 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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