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2016 (7) TMI 530 - GUJARAT HIGH COURT

2016 (7) TMI 530 - GUJARAT HIGH COURT - TMI - Addition on account of suppressed sales - Addition on unexplained cash credit - ITAT allowed the claim - Held that:- As is apparent from the facts noted hereinabove, it is an admitted position that during the course of search no material had been found to show any undisclosed income of the assessee. No evidence had been found to indicate that assessee had realized sale consideration other than that recorded in its books of accounts. For the purpose o .....

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he books of accounts regularly maintained by it. In the circumstances, the Tribunal was justified in holding that in the facts and circumstances of the case the provisions of Chapter XIVB of the Act could not have been resorted to as block assessment cannot take place of regular assessment. See Sachdeva Steel Products case [2010 (9) TMI 1173 - GUJARAT HIGH COURT] - In light of the above discussion, it is not possible to state that the Tribunal has committed any legal error so as to warrant i .....

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While admitting this appeal, following question is posed for our consideration: [A] Whether the Appellate Tribunal was right in law and on facts deleting the addition of ₹ 79,23,578/- made by the Assessing Officer on account of suppressed sales? [B] Whether the Appellate Tribunal was right in law and on facts in deleting the addition of ₹ 1,16,000/- made by the Assessing Officer on account of unexplained cash credit? 3. At the outset, it is required to be noted that ITAT by passing .....

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al had been found during the course of search that the assessee had actually realized more sale consideration than that recorded in the books of accounts. That Shri Mahendra H. Shah had not specifically mentioned the name of the assessee to prove that the assessee was engaged in recording any bogus sales. The Tribunal noted that the Assessing Officer had made the addition merely on the basis of estimate by taking 15% of the sales made by the assessee to be the suppressed consideration received b .....

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addition could have been made under Chapter XIVB of the Act only on the basis of material seized during the course of search and such other material or information as available with the Assessing Officer and relatable to such search. The Tribunal recorded that it was an admitted position that during the course of search that had taken place in the case of Madhupuri Group no evidence had been found showing any undisclosed income of the assessee as defined under Section 158B(b) of the Act. That th .....

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