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2015 (9) TMI 541 - ITAT CHENNAI

2015 (9) TMI 541 - ITAT CHENNAI - TMI - Addition on gross profit difference between server copy and books of accounts - Held that:- Admittedly, there is a difference of ₹ 25,84,844/-, when the assesseeís books of account compared with the stock. There is no dispute on this issue. Therefore, the ld. ARís submission that net profit to be considered, cannot be accepted, as all the expenditure is relating to the business of the assessee and already debited in the profit and loss account. There .....

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A.Y. and on that basis un-accounted sales are arrived for this assessment year and the income was estimated by applying GP rate, which is justified. - Decided against assessee.

Benefit for telescope of addition made in immediately preceding year, as income on excess sales, against excess stock denied - Held that:- Commissioner of Income-tax(Appeals) confirmed the addition of ₹ 67,015/- but he failed to give any finding regarding telescope of addition of ₹ 2,47,630/- which .....

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ioner(Appeals) ought to have discussed the submission made to reduce it by the amount of such addition made in assessment year 2008-09. Accordingly, we remit this issue to the file of the Commissioner of Income-tax(Appeals) to decide the issue in accordance with law. - Decided in favour of assessee for statistical purposes.

Addition toward excess stock of jewellery - Held that:- AR wanted the basis for preparation of this excess stock. The stock was taken in the presence of the assess .....

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cted. - Decided against assessee. - ITA Nos. 604 & 605 /Mds/2014 - Dated:- 19-6-2015 - SHRI CHANDRA POOJARI AND SHRI V. DURGA RAO, JJ. For The Appellant ; Shri G. Baskar, Advocate For The Respondent : Shri P. Radhakrishnan, JCIT ORDER PER CHANDRA POOJARI, ACCOUNTANT MEMBER These appeals by the assessees are directed against the different orders of the Commissioner of Income-tax(Appeals) dated 29.1.2015. Since, these appeals are belonging to same group of assessee and issues involved in these app .....

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item No.75 in annexure ANN/By/B&D/Imp dated 30.1.2009, a Jileba software was captured in Excel format and soft copy given to the assessee. It was asked by the Assessing Officer to reconcile the same. There was difference between server copy and books of account. In the server copy, the turnover was ₹ 817,252,574.43 and as per books of account, the turnover was ₹ 814,667,729.87. The assessee explained that due to large volume of transactions, it was not possible to reconcile the d .....

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the additional income, no separate addition may be made to the stock account. The Commissioner of Income-tax(Appeals) rejected the plea of the assessee observing that there is a difference between stock and physical stock at ₹ 25,84,844/- and the gross profit of the turnover to be considered for addition as ₹ 2,47,630/-, as all the expenditure is relating to the assessee s business, which has been debited in the profit and loss account. Against this, the assessee is in appeal before .....

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order of the Commissioner of Income-tax(Appeals). 6. We have heard both the sides and perused the material on record. In this case, admittedly, there is a difference of ₹ 25,84,844/-, when the assessee s books of account compared with the stock. There is no dispute on this issue. Therefore, the ld. AR s submission that net profit to be considered, cannot be accepted, as all the expenditure is relating to the business of the assessee and already debited in the profit and loss account. There .....

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A.Y. and on that basis un-accounted sales are arrived for this assessment year and the income was estimated by applying GP rate, which is justified. We have not found any merit in the argument of the assessee and the order of the Commissioner of Income-tax(Appeals) is confirmed. This appeal is dismissed. 7. The grievance in ITA No.605/Mds/2015 is with regard to the Commissioner of Income-tax(Appeals) ought to have given benefit for telescope of addition made in immediately preceding year, as inc .....

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me of the assessee and difference of ₹ 67,015/- was added as income of the assessee. The assessee carried the matter before the Commissioner of Income-tax(Appeals) challenging the addition of ₹ 67,015/-. Before the Commissioner of Income-tax(Appeals), it was challenged that an amount of ₹ 2,47,630/- being the gross profit added on unaccounted sales of year ended 31.3.2008 should have been reduced by the Assessing Officer from the income of the assessee. Otherwise, it would amou .....

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telescope of addition made in immediate preceding year, as income on excess sales, against excess stock found on 29-01-2009 (94 DTR at 59 Rajkot) (2) Though excess stock found as on 29-01-2009 was included in returned for assessment year 2009-10, the Commissioner(Appeals) ought to have discussed the submission made to reduce it by the amount of such addition made in assessment year 2008-09. Though the assessee raised the above grounds before him, they were not adjudicated by the Commissioner of .....

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s stock of jewellery. 10. The facts of the case are that the assessee firm is engaged in jewellery business. Action under sec.133A of the Act was conducted on 29.1.2009 in the case of the assessee and search under sec.132 was conducted in the case of Shri A.B.Sudarsanam, partner of M/s. Swarnapuri AVR Jewellery. In response to notice u/s.153C of the Act, the assessee filed return of income on 11.10.2010 admitting income of ₹ 1,25,25,700/-. The AO completed assessment for the assessment yea .....

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of the value of ₹ 8,79,329/- after reconciling the same with the book stock. The assessee contended that the action of the AO was not justified in arriving at excess stock. However, during the course of scrutiny, when the AO was asked the assessee to reconcile the physical stock found with book stock as per regular books of accounts, the assessee failed to do so. As the AO has arrived at the excess stock of 697.880 grams after physical verification followed by reconciliation of the same wi .....

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