TMI Blog2014 (4) TMI 899X X X X Extracts X X X X X X X X Extracts X X X X ..... ch evidence from 84 parties, - The assessee had shifted its stand to have the assessment done to its desire which cannot be approved - the assessee had stated that they had not maintained the books of accounts particularly with reference to the stock - accounts were audited by a qualified Chartered Accountant as required u/s 44AB of the Act - With the material particulars available as to the income of the assessee, it could be understood as to how the assessee could insist on a best of judgment assessment only for gaining certain tax benefits – thus, no substantial question of law arises for consideration – Decided against Assessee. - Tax Case (Appeal) No. 190 of 2014 - - - Dated:- 17-4-2014 - Chitra Venkataraman And T. S. Sivagnanam,JJ. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... firmation letters from 264 parties and the assessee had offered the balance in respect of 84 parties amounting to Rs.16,49,000/- for taxation as creditors not traceable. The assessee stated in its letter dated 24.12.2011 that inspite of the strenuous efforts, they could not contact the several persons to obtain confirmation letters. Thus, the assessee requested the Assessing Officer to complete the assessment with a total addition of Rs.17,59,392/- including the returned amount. The Assessing Officer however pointed out that since more than two-third of sundry creditors remained unconfirmed, the assessment could not be completed as prayed for; further, a letter was given by the assessee on 28.12.2011, taking a strange plea that the accounts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Settlement Commission offering additional income for assessment in respect of the assessment years 2008-09, 2010-11, 2011-12 and 2012-13 and the year under consideration before us namely, assessment year 2009-10 was not the subject matter. The assessee pointed out that realizing the mistake as regards the original stand that the turnover had not been recorded in the books of accounts and had not been offered as 'Sales Turnover', the assessee filed their application before the Settlement Commission under 245C of the Income Tax Act, offering additional income for those assessment years referred to above. Thus, the assessee submitted that the application before the Settlement Commission was pending and hence, the additional amount of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o.3CB. Considering the original stand taken by the assessee as regards the confirmation from 264 parties and non-confirmation from 84 parties and the rest of the parties remained unexplained, the assessee took altogether a different plea that the entire amount of 16,49,000/- was treated as closing stock. Thus, the Income Tax Appellate Tribunal held that the contradictory stand taken by the assessee merited to be noted for rejecting the assessee's plea. Thus, the appeal filed by the assessee was dismissed. Aggrieved by this, the assessee has filed the present Tax Case (Appeal). 5. Learned Senior counsel appearing for the assessee produced before us the paper book filed before the Income Tax Appellate Tribunal indicating the Auditor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rials. 7. It is not denied by the assessee that there were over 1000 sundry creditors, of which admittedly, the assessee had got the confirmation letters from nearly 264 parties and in respect of 84 of parties, the assessee itself pleaded that the creditors were not traceable. Thus, when the assessee could produce the materials of confirmation in respect of the some of the creditors and admittedly, could not produce any such evidence from 84 parties, confronted with the present situation as regards the rest of the parties and to suit the convenience, the assessee claimed that the income be assessed as business income. The assessee had shifted its stand to have the assessment done to its desire, a course, which we do not approve of. It is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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