9911796707
TMI Blog2013 (12) TMI 664X X X X Extracts X X X X X X X X Extracts X X X X ..... time of survey but were completed during the course of survey All the books of account were available. While preparing trading account for ascertaining closing stock as on the date of survey, one bill qua purchase of Rs. 2,16,900/- was not available on spot but the goods as per that bill were stated to received and unloaded in the godown. According to assessee this stock was included in the inventory prepared by the Survey team. The controversy is regarding the excess stock found during the course of survey. A statement of the assessee was recorded on 9.11.2004. While explaining the stock found on physical verification in excess of what was recorded in the books of account, the assessee had agreed to surrender the value of that stock at Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stock taken. In that statement, Shri Chopra had also referred to some defects in the stock taking and in its valuation but before the Assessing Officer he could not pin point any such defect despite opportunity given to him. Accordingly, the learned C IT(A) has also upheld the addition of Rs. 2,16,900/-. Now, the assessee has come in appeal before us. 4. Almost all sorts of arguments which were taken before the lower authorities have also been taken before us during hearing. The learned ld. AR has filed a paper book containing inventory taken during survey and copy of the written submission filed before the CIT(A). He has also filed copies of orders including that of Hon'ble Jodhpur Bench in support of assessee's contention. It was paramo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... revenue. In our considered opinion, the assessee has clearly calculated the excess stock and has paid taxes thereon and has also disclosed to that extent in the return of income, therefore, any further addition solely based on the admission of the assessee in such circumstances cannot be sustained in the given case. Accordingly, we order to delete the impugned addition and allow ground No.1 of this appeal. 6. The second ground pertains to charging of interest u/s 234B and 234C of the Act. Since the charging of interest is mandatory but it is also consequential, therefore, we cannot hold the charging of interest under these sections as a gross error. Accordingly, this ground cannot be allowed. 7. In the result, the appeal of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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