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TMI Blog2022 (7) TMI 540X X X X Extracts X X X X X X X X Extracts X X X X ..... ER G. MANJUNATHA , ACCOUNTANT MEMBER : This appeal filed by the assessee is directed against the order of the Commissioner of Income Tax (Appeals), Salem, dated 25.01.2019 and pertains to assessment year 2004-05. 2. The brief facts of the case are that a survey u/s.133A of the Act, was conducted in the partnership firm of the assessee's husband on 03.03.2004. Consequent to the survey, the case h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant submissions of the assessee has accepted closing balance in bank accounts. However, made addition towards deposits in Indian Bank, Punjab National Bank and Syndicate Bank amounting to Rs.22,50,433/- and also closing stock of shares at Rs.5,62,487/-. The assessee challenged the assessment order before the First Appellate Authority, but could not succeed. The Ld.CIT(A) for the reasons stated in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pporting the order of the Ld.CIT(A), submitted that the matter may be remitted back to the file of the AO for verification. 5. We have heard both the parties, perused the materials available on record along with assessment order dated 30.12.2016. We find that the assessee is not disputing additions towards value of closing stock of M/s.SSKI and and M/s.Motilal Oswal Securities. The only dispute i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onsidered view that there is a mistake in as much as to make additions towards closing balance of Rs.1,79,554/-. Therefore, we direct the AO to exclude a sum of Rs.1,79,554/- and confirm additions towards value of closing stock of shares for Rs.3,82,933/-.
6. In the result, the appeal filed by the assessee is partly allowed.
Order pronounced on the 01st day of July, 2022, in Chennai. X X X X Extracts X X X X X X X X Extracts X X X X
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