TMI Blog2013 (4) TMI 518X X X X Extracts X X X X X X X X Extracts X X X X ..... foresaid findings by the Tribunal and by the CIT(A) are the concurrent findings of fact. The Tribunal while confirming the order of CIT(A), has appreciated the relevant facts, figures and material relating to the issue, which were before it. - Decided against the revenue. Genuineness of unsecured loans - ddition made on account of undisclosed cash deposit in bank - CIT(A) has reduced the addition - ITAT uphold the decision of CIT(A) - held that:- Tribunal did not commit any error in law in dismissing the appeal. - Decided against the revenue. - TAX APPEAL NO. 361 OF 2011 - - - Dated:- 9-8-2012 - V.M. SAHAI AND N.V. ANJARIA, JJ. Varun K. Patel for the Appellant. JUDGMENT V.M. Sahai, J. - This Tax appeal has been fil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... they were 42,023 kgs, whereas on physical verification they were 19,694 kgs.. Thus there was a shortage of 22,329 kgs. The value of the said shortage was determined at Rs. 6,02,883/- at the rate of Rs. 27 per kg. 3.2 The explanation of the assessee regarding the discrepancy was that five steel cupboards were returned by the customers for repainting/colour touching due to damage in transit and therefore, they were not included in the stock, but were physically available. Regarding the CRC sheets discrepancy, it is submitted by the assessee that the survey party has wrongly applied rate per kg and incorrectly taken the size which resulted into the discrepancy. The Assessing Officer did not accept the said explanation and estimated the gros ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The assessee's turnover have increased from Rs. 4.79 crores to 5.26 crores during the year and all the sales are made to Government agencies, whereby, there is no scope of any manipulation. The GP rate declared by the assessee at 10.27 % has been accepted by Ld. Commissioner of Income Tax (Appeals) and Ld. Commissioner of Income Tax (Appeals) has applying the same rate of GP Profit of such lesser stock of CRC sheets was worked out and GP of 10.27 was upheld by Ld. Commissioner of Income Tax (Appeals). Therefore, our interference is not required in the order of Ld. Commissioner of Income Tax (Appeals) and appeal is dismissed." 3.5 The aforesaid findings by the Tribunal and by the CIT(A) are the concurrent findings of fact. The Tribunal whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tter, the addition of Rs. 1,90,000/- made on this score is reduced by Rs. 75,916/-. With the result, the addition to the extent of Rs. 1,14,084/- is confirmed on this score and the appellant gets a relief of Rs. 75,916." 5. While dismissing the appeal of the Revenue, the Tribunal upheld the above observations in the decision of the CIT(A), and held, "Looking to the facts and circumstances of the case, we find from the order of Ld. Commissioner of Income Tax (Appeals) and the argument of the assessee that if the addition is confirmed, if any trading result should be allowed to be set off against unaccounted income of Rs. 1,90,000/- introduced in garb of guess deposits. The Ld. Commissioner of Income Tax (Appeals) has upheld the addition ..... X X X X Extracts X X X X X X X X Extracts X X X X
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