TMI Blog2018 (7) TMI 66X X X X Extracts X X X X X X X X Extracts X X X X ..... ing assessment & appellate proceedings. Addition towards excess investment in furniture & fixture - addition has purely been made on an estimated basis only without appreciating the books of accounts. No working has been given anywhere to arrive at the impugned amount. The same appears to have been made merely on a guess work in a very mechanical manner and therefore, the same could not be sustained. Hence, the stand of Ld. first appellate authority, in this regard, stand confirmed - addition of ₹ 3.12 Lacs u/s 41(1) on account of remission of trading liability could not be sustained since Ld. First appellate authority, after appreciating the ledger of the concerned entity namely Sterling Lab has noted that the said party had, in f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ey. Now, merely by way of retraction, the aforesaid fact could not be negated. No effort has been made by the assessee to reconcile the actual cash found vis-à-vis cash as per books of accounts on the date of survey rather the AR is merely harping on the point that the statement was made by the partners under pressure. Since the complete onus to reconcile the cash balance on the date of survey rest upon assessee, which has remained un-discharged. Therefore, this addition to the extent of ₹ 8,99,749/- stand confirmed. FAA stand reversed to that extent. - Decided partly in favour of revenue. - I.T.A. No. 5607/Mum/2012 - - - Dated:- 29-6-2018 - Shri Saktijit Dey, JM And Shri Manoj Kumar Aggarwal, AM Revenue by : N. Hemalatha,Ld.D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /- 3. Unaccounted Stock 33,20,000/- 4. Liability ceased to exist 3,12,059/- Total 55,90,559/- The statement on oath of the two partners was also recorded. However, one of the partner namely Sh. Amit P.Shah retracted the statement after a period of 20 days. The said retraction, in the opinion of Ld. AO, was not valid keeping in view the various judicial pronouncements which have been extracted in the quantum assessment order. It was further noted that the statement during survey was not given under any undue pressure or coercion and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e a surrender of the impugned amounts and retraction of the statement after long gap of 20 days could not be relied upon particularly when no sufficient bona fide reason could be demonstrated by the assessee to make a retraction. The same was controverted by Ld. Authorized Representative for Assessee [AR], Sh. Reepal Tralshawala by submitting that the Ld. CIT(A) provided relief to the assessee with due consideration of factual matrix and further the statement made during survey proceedings could not have much evidentiary value without there being any corroborative material on record. 5. We have carefully considered the rival contentions and perused relevant material on record. It is settled principle that statement made during survey pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irmed. Similarly, the addition of ₹ 3.12 Lacs u/s 41(1) on account of remission of trading liability could not be sustained since Ld. First appellate authority, after appreciating the ledger of the concerned entity namely Sterling Lab has noted that the said party had, in fact, debit balance on the date of survey and the amount was never written off by the assessee in his books of accounts. Therefore, we find no infirmity in the stand of first appellate authority in this regard. 7. The third addition of ₹ 33.20 Lacs representing excess stock found during survey proceedings could also not be sustained since we find that no working, whatsoever, has been given by the survey team so as to arrive at the impugned additions. The ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
