TMI Blog2021 (9) TMI 879X X X X Extracts X X X X X X X X Extracts X X X X ..... - as excess stock not disclosed in the books of account during the course of survey proceedings U/s. 133A of the Act which has to be treated separately as undisclosed income and therefore, this amount cannot be included while computing the NP ratio of the assessee from its regular disclosed turnover in the books of accounts. Hence, the Net Profit arrived in the order of the Tribunal at 0.33% is in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 21 (In I.T.A. No. 351/HYD/2017) - - - Dated:- 12-8-2021 - Smt. P. Madhavi Devi, Judicial Member And Shri A. Mohan Alankamony, Accountant Member For the Assessee : Sri S. Rama Rao For the Revenue : Sri Pavitran Kumar ORDER PER A. MOHAN ALANKAMONY, A.M: This Miscellaneous Application is filed by the assessee U/s. 254(2) of the Income Tax Act, 1961 seeking recti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... monds and in the case of the assessee also similar view would be acceptable for its turnover on purchase of diamonds of ₹ 98,69,910/-. 3. Citing the above grounds raised in the MA, the Ld. AR pleaded that if these mistakes in the Order of the Tribunal are rectified then the addition made by the ld. Revenue Authorities may not be sustainable because assessee had already declared its prof ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rofit of ₹ 1,33,921.20 (paper book page no.16). Therefore, the Net Profit ratio is works out to 0.33% (₹ 1,33,921.90 X 100 / ₹ 4,05,50,960). Further, assessee had declared ₹ 40,45,000/- as excess stock not disclosed in the books of account during the course of survey proceedings U/s. 133A of the Act which has to be treated separately as undisclosed income and therefore, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gus purchases at 8 or 10 % as claimed by the assessee and the entire bogus claim of expenditure has to be disallowed which the Tribunal had correctly dealt with in its order. Hence, there is no mistake apparent on record in the Order of the Tribunal on this issue also. Therefore, the MA filed by the assessee is devoid of merits on all counts. 6. It is pertinent to mention that filing of such ..... X X X X Extracts X X X X X X X X Extracts X X X X
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