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2016 (7) TMI 615 - GUJARAT HIGH COURT

2016 (7) TMI 615 - GUJARAT HIGH COURT - TMI - Addition on account of unaccounted stock - ITAT deleted addition - Whether the Appellate Tribunal was right in shifting the burden of proof of payment of unaccounted stock found during the course of search and seizure proceedings on the Department? - Held that:- Tribunal has not committed any error while passing the impugned order. In that view of the matter, both the issues are answered in favour of the assessee and against the department. - TAX APP .....

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estions of law:- (1) Whether the Appellate Tribunal was right in law and on facts in upholding the deletion of addition of ₹ 81,92,710 made on account of unaccounted stock ? (2) Whether the Appellate Tribunal was right in shifting the burden of proof of payment of unaccounted stock found during the course of search and seizure proceedings on the Department? 3. Learned counsel for the appellant has contended that the cash advances given to the farmers showed negative cash balances in the un .....

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ugned order. He contended that the Tribunal has committed an error in deleting the addition of ₹ 81,92,710/- made on account of unaccounted stock and the burden of proof is not on the department. He further contended that the Assessing Officer has not committed any error. He, therefore, prayed to allow present appeal. 4. Learned counsel for the respondent contended that provisions of Section 143 of the Act and Section 158 of the Act are entirely different and they are for different purpose .....

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oducing its stock or the Jangad register, which it claims to have maintained, could possible be due the fact of the stock in its godown, and thus entery into the said register(s), being inclusive of unaccounted stock, i.e. which it purchases and sells outside its regular books of accounts; it admittedly also engaging in unaccounted trade, with there being no mention of the maintenance of such registers in its tax audit report. However, the finding of carrying on the said unaccounted business/tra .....

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ple reason that even if the assessee has recorded excess sales and to the extent worked out by the A.O., even as we find his calculation to be erroneous in as much as it does not factor in the profit earned on the sales made (up to May, 1998), and which would only lead to a reduction in the figure of unaccounted stock as determined by him, the assessee has only disclosed a higher profit (income) by not claiming the expenditure on the purchase of the goods that stand sold by it, and to that exten .....

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