TMI Blog2019 (2) TMI 1336X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax Appeal No. - 212 of 2016 - - - Dated:- 7-2-2019 - Bharati Sapru And Piyush Agrawal JJ. For the Appellant : S.S.C. I.T.,Ashish Agrawal For the Respondent : Suyash Agarwal ORDER PIYUSH AGRAWAL, J. Heard Mr. Ashish Agrawal, learned counsel for the appellant and Mr. Suyash Agarwal, learned counsel for the respondents. The present appeal has been filed against the order dated 25.02.2016 in ITA No. 238/Alld/2012 for the Assessment Year 2010-11, passed by Income Tax Appellate Tribunal, Allahabad Bench, Allahabad. The aforesaid appeal was admitted on 20.8.2016 and following questions of law were framed by the Court, which read as follows:- (A) Whether on the facts and circumstances of the case and in law t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plied by the respondents. The assessing authority, on the basis of materials found during the search and after verification of book account rejected the same under Section 145(3) of the Income Tax on three counts- (i) that no books of account were found during the course of search and seizure operation; (ii) most of the manufacture expenses and carpet purchases were done in cash and outstanding liabilities towards weaving charges through self made vouchers; and (iii) lastly, that the respondents did not maintain any stock register. Further, the Assessing Officer made an addition of ₹ 2,70,77,374/- on account of undisclosed stocks, ₹ 4,70,282/- was found in cash at the time of search and ₹ 7,80,200/- unexplain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8.91,764/- and stock of carpet of ₹ 52,48,775/- sold locally were not recorded on computer and thus according to her, the difference of ₹ 2,70,77,374/-, between stock inventorized by search party at ₹ 4,49,31,695/- and the Book Stock found during search at ₹ 4,39,94,860/- minus stock of ₹ 2,61,40,539/- not recorded on computer, is undisclosed stock. The appellant on the other hand has contended the data on computer was not update in as much the computer has been showing the stock of ₹ 3,59,45,356/- since December, 2009 till the date of search on 30.03.2010. It was further contended that the annual account of the assessee as on 31.03.2010 shows closing stock at ₹ 6,29,62,463/-. Since there was n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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