TMI Blog2010 (1) TMI 769X X X X Extracts X X X X X X X X Extracts X X X X ..... with the assessee, and therefore the submissions are misconceived, appeal dismissed. - Tax Appeal No. 1973 of 2008 - - - Dated:- 11-1-2010 - K.A. Puj, Rajesh H. Shukla, JJ. Mauna M. Bhatt for M.R. Bhatt, for the Appellant ORDER Rajesh H. Shukla, J:- The present appeal has been filed by the appellant IT Department under s. 260A of the IT Act, 1961, proposing to raise the following question of law : "Whether the Tribunal is right in law and on facts in confirming the order passed by CIT(A) and thereby deleting the addition of Rs.15,56,571 made on account of excess stock ?" 2. Heard the learned counsel Mrs. Mauna M. Bhatt for the appellant. 3. It was submitted that the stock statement was compared with the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... further submitted that on verification of the details, the CIT(A) allowed the appeal partly and directed to delete the addition of Rs.15,56,57 made on account of excess stock. It is against this order, an appeal was preferred before the Tribunal by the Department and the Tribunal also dismissed the appeal. Learned counsel Mrs. Bhatt therefore submitted that both CIT(A) and the Tribunal have erred in appreciating the facts and the inconsistent or contradictory statement regarding stock, and therefore, the present appeal has been preferred. Learned counsel Mrs. Bhatt therefore submitted that in view of the settled position, when the purchases are not found to be genuine, the appeal ought to have been allowed and therefore the order passed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted the purchase and sales during the year as the books of accounts are duly supported by relevant vouchers and bills. The AO has also failed to establish any unaccounted purchase or sales outside books of accounts so as to establish that the stock as per books is incorrect. He has not pointed out any defects either in the books of accounts or the accounting system followed by the appellant. In view of the various judicial pronouncements relied upon by the appellant which have been discussed herein the above para, I hold that addition on account of such difference in valuation is not warranted in this case. The AO is directed to delete addition of Rs.15,56,571 made on account of stock difference between books of account and statement gi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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