TMI Blog2020 (12) TMI 461X X X X Extracts X X X X X X X X Extracts X X X X ..... the matter to the file of Assessing Officer for deciding the same afresh after verifying the claim of assessee as regards the closing stock as on 31-03-2012 from the books of account stated to be prepared by the assessee. The assessee is directed to produce the said books of account along with supporting documentary evidence for verification of the Assessing Officer. AO is also directed to verify another contention raised by the ld. counsel for the assessee that the stock during the course of survey was wrongly valued at selling price instead of cost price. Appeal of assessee is treated as allowed for statistical purposes. - ITA No. 1548/PUN/2019 - - - Dated:- 3-12-2020 - P. M. Jagtap, Vice President For the Appellant : Pramod Shi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is statement recorded during the course of survey agreed to surrender the same as his additional income for A.Y. 2012-13. Thereafter, the return of income for the year under consideration was filed by the assessee on 28-05-2013 declaring total income of ₹ 22,73,877/-. In the said return, the additional income of ₹ 15,48,088/- surrendered during the course of survey, however, was not disclosed by the assessee. In this regard, it was explained by the assessee that the net profit of Nirmala Concrete Products in the absence of books of account was estimated at ₹ 12,19,529/- and since the same was disclosed in the return of income filed for the year under consideration, no separate addition on account of alleged excess stock co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... found at the time of survey to the tune of Rs. 15,48,088/- was declared as additional income and the difference in stock has been found, after preparing the inventory of stock lying in the factory premises and closing stock recorded in the books of account. In the assessment as well as appellate proceedings, the appellant has also not reconciled as to how the excess stock was recorded in the books of accounts and arrived at the net profit. The discrepancy or excess stock of Rs. 15,48,088/- found in survey action on 03.04.2012 was not recorded in the books of accounts for FY. 2011-12 relevant to A.Y. 2012-13, therefore, the appellant cannot say that, the excess stock is included in the net profit for A.Y. 2012-13, since the survey date i. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is confirmed and the ground of appeal is therefore dismissed. Aggrieved by the order of ld. CIT(A), the assessee has preferred this appeal before the Tribunal. 4. I have heard the arguments of both sides and perused the material available on record. It is observed that excess stock allegedly found during the course of survey to the extent of ₹ 15,48,088/- was accepted as unexplained by the assessee in his statement recorded during the course of survey and he also agreed to surrender the same as his additional income for the year under consideration i.e. A.Y. 2012-13. In the return of income filed for the year under consideration after the survey, additional income on account of excess stock allegedly found during the course o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... able. 5. The ld. DR on the other hand has submitted that the submission now being made by the ld. counsel for the assessee before the Tribunal was not specifically made before the Assessing Officer during the course of assessment proceedings or even before the ld. CIT(A) during the course of appellate proceedings. He has pointed out from the assessment order that there is no mention about any books of account of M/s. Nirmala Concrete Products prepared and produced by the assessee for the verification of Assessing Officer and there is also no finding recorded by the Assessing Officer on verification of such books of account. In reply to a query raised by the Bench, he however, has accepted that the comparison between stock found during th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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