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2015 (4) TMI 16 - SUPREME COURT

2015 (4) TMI 16 - SUPREME COURT - [2015] 373 ITR 45 (SC) - Unaccounted production, sales and closing stock of finished products - whether in respect of sales of 32,809 kg., which are shown in the stock register of M/s. Ashish Agro Plast Private Limited, there has been double taxation - Held that:- The submission of the learned counsel for the appellant is that on the aforesaid sales, which are found in the accounts of M/s Ashish Plastic Industries, the receipts are shown as income on which tax h .....

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re, we remand the case back to the assessing authority, who shall give an opportunity to the assessee to demonstrate as to whether the sister concern has already paid the tax on the aforesaid income from the aforesaid sales and if that is shown, to the extent tax is paid, benefit shall be accorded to the appellant. - Decided in favour of assessee by way of remand. - CIVIL APPEAL NO. 1509 OF 2004 - Dated:- 23-3-2015 - A.K. Sikri And Rohinton Fali Nariman JJ. For the Appellant : Mr. Manish J. Shah .....

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at the factory premises of the assessee on 23.09.1993. During the course of survey operations, the stock at the premises was physically verified by the survey party and total stock of the value of 16,92,420/- was found. Statement of both the partners were recorded under section 131 of the Act. In the said statement, it was admitted that the stock as per books was around ₹ 3 lakhs and the excess stock of ₹ 13,92,000/- was, accordingly, admitted. On this basis, the addition was made a .....

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s were also filed, the Commissioner (Appeals) asked for remand report from the assessing authority. Before the assessing authority, the representatives of assessee were asked to produce the books of accounts of M/s Ashish Agro Plast Private Limited for the assessment years 1993-1994 and 1994-1995. It was found that the sales of the finished product of 32809 Kg. as shown in the sales register of the sister concern tallies with the impounded stock register. It was also found that the sales proceed .....

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aforesaid sister concern of the assessee. Taking into consideration this aspect, the Commissioner upheld the order of the assessing authority justifying the additions made on account of unaccounted production, sales and closing stock of finished products. This order has been upheld by the Income Tax Appellate Tribunal as well as the High Court. In fact, the High Court dismissed the appeal of the assessee preferred under Section 260A of the Act on the ground that no substantial question of law a .....

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