9911796707
TMI Blog2021 (2) TMI 222X X X X Extracts X X X X X X X X Extracts X X X X ..... learned I.T.O is not justified in the determining the Total Income of the appellant for the above year at Rs. 24, 29,210.00 only by adding a sum of Rs. 17, 18,792.00 only as unexplained closing stock with the income assessed earlier on 31.03.2015 U/sl43 (3) of the I.T.Act 1961 on the facts and in the circumstances of the case. 3. That the explanations and closing stock statements submitted by the appellant regarding the alleged discrepancy in closing stock on the date of survey as has not been considered by the learned I.T.O is illegal and arbitrary on the facts and in the circumstances of the case. 4. That during the course of original assessment proceeding for the above year U/s 143(3) of the I.T. Act 1961 all the books of accounts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e circumstances of the case the order passed by the ITO u/s.143(3)/263 of the I.T.Act,1961 for the year is illegal and liable to be quashed." 2. Brief facts of the case are that the original assessment was completed u/s.143(3) of the I.T.Act, 1961 on 31.3.2015 determining the total income at Rs. 7,10,420/-. Thereafter, the ld CIT -1, Bhubaneswar observed that the Assessing Officer has not considered the unexplained closing stock found during the course of survey u/s.133A of the Act amounting to Rs. 17,18,792/-, therefore, he set aside the said assessment order u/s.143(3) dt.31.3.2015 vide order u/s.263 dated 2.3.2016 with a direction to the AO to make the assessment denovo. Pursuant to the order u/s.263 of the Act, the Assessing Officer m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 17,18,792/- made as unexplained closing stock may be deleted. 5. Replying to above, ld D.R. supported the orders of lower authorities. Ld D.R. submitted that during the course of assessment, the assessee has admitted that there was excess stock of Rs. 17,18,792/- as on the date of survey. He submitted that the contention of ld A.R that the assessee was pressurised to sign the statement recorded and give post-dated cheque for payment of advance tax is false and baseless as there is nothing on record to substantiate that the assessee was compelled to do above act. 6. On careful consideration of the rival submissions, first of all, I may point out that the Assessing Officer has made addition on account of unexplained closing stock of Rs. 17, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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