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2015 (10) TMI 1612 - ITAT KOLKATA

2015 (10) TMI 1612 - ITAT KOLKATA - TMI - Additions made on account of shortage of 830 quintal of maize and 507 quintal of wheat - CIT(A) delted the addition - Held that:- The assessee has filed the complete quantitative and qualitative details of stock tally before the AO, before CIT(A) and even now before us. We find that there is no difference in the total quantity of stock in term of quantity and quality. In such circumstances, we do not want to interfere in the order of CIT(A), which is bas .....

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Shri K L Kanak, Sr. DR For the Respondent : Shri J M Thard, Adv. ORDER Per: Mahavir Singh: This appeal by revenue is arising out of order passed by CIT(A)-VIII, Kolkata vide Appeal No. 180/CIT(A)-VII/Kol/10-11 dated 09.10.2012. Assessment was framed by ITO, Wd-9(4), Kolkata u/s. 143(3) of the Income-tax Act, 1961 (hereinafter referred to as "the Act") for Assessment Year 2008-09 vide his order dated 30.12.2010. 2. The only issue in this appeal of revenue is against the order of CIT(A) .....

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thout proper evaluation of the fact that the transactions were directly from parties to parties without necessity of storage, that the addresses of purchasing and selling companies were the same and that the purchases dates and corresponding sale dates either were on the same or the difference between them were of very negligible period of one day or two days. 2. On the facts and in the circumstances of the case, Ld. CIT(A) is not justified in allowing claim of shortage of 507.02 quintals of whe .....

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." 3. Briefly stated facts are that the assessee carries on business of wholesale of wheat and maize and other food products. The assessee for AY 2008-09 filed its return of income on 29.09.2008. During scrutiny assessment proceeding, assessee produced complete books of account along with supporting evidence and as per the assessment order, which were test checked and verified. During the course of assessment proceedings, the AO required the assessee to explain the shortage of wheat of 507 .....

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rom the above mentioned table that your company had purchase of Maize on various day and the same quantity was sold in same day or day after tomorrow. Mainly from Bengali Food Product Pvt. Ltd. in case of purchase and M/s. Bengani Export (India) Pvt. Ltd. in case sales and the address of the companies are same. But in the case of maize purchase 111870.400 quintal on 01.02.2008 which was sold 198334.400 quintal of maize on 30.02.2008 and 2706 quintal of maize on 31.03.2008 and claim shortage 830 .....

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ued ₹ 7,65,82,807/- and declared sale is 63,847.98 quintals of wheat at a total consideration of ₹ 7,58,82,839.74 and there is no record of closing stock of the said item for balance 507.32 quintal of wheat nor there was any reflection of value of shortage goods in the schedule 8 in the balance sheet of the assessee filed with return." Further, in respect to wheat the AO has recorded the following: "On the other hand, the facts on records suggests that the assessee has not .....

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51/- is being added back with the total income of the assessee as undisclosed sales consideration." There is no dispute that the shortage worked out is only 0.7 and in view of this, the CIT(A) deleted the addition made on account of shortage of wheat and maize in the books of account of the assessee. For this, he noted that the assessee has produced complete books of account and complete supporting documents i.e. stock register, cash memos, vouchers etc. before the AO during the course of s .....

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