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2015 (10) TMI 1866 - ITAT DELHI

2015 (10) TMI 1866 - ITAT DELHI - TMI - Addition on Excess Stock of Copper Scarp - Held that:- Revenue Authorities have not given any independent finding on the basis of any evidence except the documentary evidence collected by the Customs & Excise Department against which the assessee’s appeal is pending before the Custom, Excise and Service Tax Appellate Tribunal, New Delhi. In the interest of justice, we are of the view that the issue in dispute requires reconsideration/ readjudication at the .....

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ITA No. 5363/Del/2010 - Dated:- 24-6-2015 - S V Mehrotra, AM And H S Sindhu, JM,JJ. For the Appellant : Shri D V Taneja, CA For the Respondent : Shri Gaurav Dudeja, Sr.DR ORDER Per H S Sidhu, JM. The Assessee has filed the present appeal against the impugned order dated 19/10/2010 passed by the Ld. Commissioner of Income Tax (Appeals)-VII, New Delhi on the following grounds:- "1. Ld. CIT(A) has erred in facts and in law in confirming addition. As alleged Excess Stock of Copper Scarp ₹ .....

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d in law. The AO has erred in facts and in law in charging interest u/s. 234B. As appellant denies its liability for levy of such interest. 3. The order passed by Ld. CIT(A) towards confirmation of excess tock of copper is bad in law. 2. The facts narrated by the Revenue Authorities are not disputed by both the parties, therefore, need not to repeat the same for the sake of convenience. 3. At the time of hearing, Ld. Counsel of the assessee stated that the AO has made the addition in dispute on .....

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assessee appealed before the Custom, Excise and Service Tax Appellate Tribunal, New Delhi where the Appeal is still pending. 3.1 Ld. First Appellate Authority has decided the issue in dispute against the assessee on the basis of the finding of the Excise Authorities without any independent evidence. He requested that the issue in dispute may be set aside to the AO to decide the same, keeping in view of the decision of the Custom, Excise and Service Tax Appellate Tribunal, New Delhi. 4. Ld. Depar .....

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ate to tile grievance of the appellant against the action of the Assessing officer in making an addition of ₹ 21,86,669/- on account of Excess Stock of Copper. It was submitted 011 behalf of the appellant inter-alia that "Addition has been made on the basis of Survey by Excise Department. Basic defects in Survey of Excise Department-(a) No proper Weighment of Stock and (b)Stock was estimated on Guess Work and Eye Estimation. Excess and shortage not considered. If excess and shortage w .....

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d reality. Merely on the basis of eye estimation Department has drawn an adverse inference. It has been held in the scores of decision under the Excise Law that such kind of physical verification is not tenable in the eye of Law. We wish to submit below mentioned Case Law settled at the stage of Tribunal which is the highest fact finding authority:- Shiv Steel Rolling Mills Vs.CCE 2005 (186) ELT 326 (Tribunal) - Bhushan Ltd Vs. CCE 2005 (186) ELT 197 (Tribunal) - Moolchand Steels Ltd. Vs CCE 200 .....

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enclosed. From the chart it is evidence that Gross Profit ratio increased from 4.11% in Fin. Year 2003-04 to 6.37% in Fin. Year 2005-06 and similarly Net Profit ratio increased from 0.07% in Fin. year 2003-04 to 0.16% in fin.year 2005-06. Although there was decline in Turnover over the last two years there was increase. in G.P. & NP rates. Books of account are Audited Report of Auditor is clean. No discrepancy was noticed except alleged Survey of Excise Department. Considering Past History .....

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findings of the Assessing Officer in the assessment order as well as in the remand report and the facts on record. It is found that the issue regarding excess stock of Copper scrap has been decided by the learned Commissioner(Appeals), Central Excise, Delhi-Il against the appellant thereby confirming the order passed by the Joint Commissioner, Central Excise, Delhi-I and the appellant has filed appeal against the order of Commissioner(Appeals),Central Excise, Delhi-Il before Customs, Excise and .....

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