TMI Blog2016 (8) TMI 265X X X X Extracts X X X X X X X X Extracts X X X X ..... ecorded were duly supported by the purchase bills and were in consonance with the data contained in impugned books and hence, there was no reason to treat all the purchases as unaccounted. The Commissioner (Appeals) observed that all the purchases were accounted for and that the Assessing Officer was not in a position to deal with the contentions raised on behalf of the assessee in the remand report and, accordingly, accepted the contentions of the assessee and deleted the addition of ₹ 1,23,987/- on account of purchase of Kapas Shanker. The Tribunal, upon appreciation of the material on record, concurred with the findings of fact recorded by the Commissioner (Appeals). Thus, the conclusion arrived at by the Tribunal is purely based upon the concurrent findings of fact recorded after appreciation of the material on record and hence, in the absence of any perversity being pointed out therein, the same does not give rise to any question of law. Addition on account of unaccounted purchase of Shankar Kapasiya (cotton seeds) - CIT(A) deleted the addition confirmed by ITAT - Held that:- Commissioner (Appeals) upon considering the arguments of the assessee as well as the remand r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e sale of cotton bales was out of accounted stock and at best the profit could be added and not the entire sales. He, accordingly, directed the Assessing Officer to compute profit on sale of cotton bales and make addition of profit on sale of cotton bales and not the entire sales. The Tribunal concurred with the reasoning adopted by the Commissioner (Appeals) based on factual findings recorded by him. Having regard to the findings of fact recorded by the Commissioner (Appeals), as concurred by the Tribunal, it cannot be said that the course of action adopted by the Commissioner (Appeals), in any manner, suffers from any legal infirmity so as to warrant interference. Addition on account of unaccounted sale of Kala - CIT(A) deleted the addition confirmed by ITAT - Held that:- Commissioner (Appeals), upon appreciation of the material on record, found that the assessee mentioned in the survey itself that it was not dealing in Kala and the associate concern M/s Raghuvir Cotton Company was dealing in the same. Moreover, the sale of Kala had been reflected in the transactions of the associate concern for which the return had been filed and that the Assessing Officer had not pointed out ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d sale of Kapas Shankar (cotton)? (c) Whether in the facts and circumstances of the case, the learned ITAT has erred in law and on facts in confirming the order of the Commissioner of Income Tax (Appeals) deleting the addition of ₹ 71,89,691/- made on account of unaccounted purchase of Shankar Kapasiya (i.e. cotton seeds)? (d) Whether in the facts and circumstances of the case, the learned ITAT has erred in law and on facts in confirming the order of the Commissioner of Income Tax (Appeals) deleting the addition of ₹ 1,65,231/- made on account of unaccounted purchase of Kalyan Kapas? (e) Whether in the facts and circumstances of the case, the learned ITAT has erred in law and on facts in confirming the order of the Commissioner of Income Tax (Appeals) directing the Assessing Officer to make addition after computing the profit on unaccounted sale of cotton bales instead of the entire unaccounted sale of cotton bales of ₹ 27,71, 015/-? (f) Whether in the facts and circumstances of the case, the learned ITAT has erred in law and on facts in confirming the order of the Commissioner of Income Tax (Appeals) deleting the addition of ₹ 8,10,6 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /-. The Tribunal, upon appreciation of the evidence on record, has concurred with the findings recorded by the Commissioner (Appeals). 5. Mr. Varun Patel, learned standing counsel for the appellant submitted that the Tribunal had erred in overlooking the observation of the Assessing Officer that M/s. Raghuvir Cotton Company had not filed return of income upto assessment year 2001-02 and that bills of M/s. Raguvir Cotton Company were prepared as an afterthought. 6. In this regard, it may be noted that the Commissioner (Appeals) has recorded a categorical finding of fact to the effect that M/s Raghuvir Cotton Company had filed a separate return of income. In the absence of any documentary evidence being produced on record to point out that the finding recorded by the Commissioner (Appeals), as concurred with by the Tribunal, is contrary to the evidence on record it cannot be said that the finding recorded by the Tribunal is in any manner perverse to the record of the case. Under the circumstances, the conclusion of the Tribunal being based upon concurrent findings of fact recorded by it upon appreciation of the material on record does not give rise to any question of law. 7. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nst the assessee s plea. The Commissioner (Appeals) observed that purchases recorded in X-13 and X-26 were identical and that the Assessing Officer had not given any adverse opinion on that point in the remand report. He, accordingly, found that the addition of the entire purchases was not correct and at best addition of the peak amount could have been made and deleted the addition of ₹ 71,89,691/-. The Tribunal, upon appreciation of the material on record, concurred with the findings of fact recorded by the Commissioner (Appeals). On behalf of the revenue, the learned counsel for the appellant is not in a position to point out any material to the contrary so as to dislodge the findings of fact recorded by the Tribunal. Under the circumstances, this ground also does not give rise to any question of law. 9. Proposed question (d) relates to deletion of addition of ₹ 1,65,231/- made on account of unaccounted purchase of Kalyan Kapas. The Assessing Officer made an addition of ₹ 1,65,231/- on account of unaccounted purchase of 4950 kilograms Kalyan Kapas. The Assessing Officer noted that as per X-13 purchase of Kalyan Kapas was 382680 kilograms, whereas the figure s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee who had disclosed the sale. The Commissioner (Appeals), after considering the material on record and the submissions of the assessee, found that the sale of cotton bales was out of accounted stock and at best the profit could be added and not the entire sales. He, accordingly, directed the Assessing Officer to compute profit on sale of cotton bales and make addition of profit on sale of cotton bales and not the entire sales. The Tribunal concurred with the reasoning adopted by the Commissioner (Appeals) based on factual findings recorded by him. Having regard to the findings of fact recorded by the Commissioner (Appeals), as concurred by the Tribunal, it cannot be said that the course of action adopted by the Commissioner (Appeals), in any manner, suffers from any legal infirmity so as to warrant interference. 11. Proposed question (f) relates to addition of ₹ 8,10,665/- on account of unaccounted sale of Kala. The Assessing Officer found that in Annexure X-13 which belongs to the assessee firm, purchase of 313315 kilograms of Kala was recorded. Since X-13 belonged to the assessee and not to M/s. Raghuvir Cotton Company, according to the Assessing Officer, the purc ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
