TMI Blog2022 (8) TMI 636X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal, the same was not accepted as a reconciliation as to the difference of stock value within Form No.53 and audited account. The Tribunal held that the veracity of the contention as to the quantitative of analysis is impossible as Form 53 uploaded does not reveal the quantity of nature of gold. The stock verification of Rs. 2,23,32,982/- is of substantial nature and that too in respect of gold. Since the Tribunal is also held that in the absence of supporting documents, the Tribunal is unable to interfere with the finding. The rejection of the explanation of the alleged difference of closing stock value due to the increased rate of the ornaments, was not considered by the Tribunal. The Tribunal has not taken into consideration the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unts. The petitioner challenged the order of assessment before the Deputy Commissioner (Appeals) and the first appellate authority, as per the order dated 25.1.2020 upheld best judgment assessment by modifying the estimation to an equal amount of suppression involved in the compounding proceedings. Still aggrieved by the order of first appellate authority, the Second appeal was filed before the Tribunal. The Tribunal disposed of the appeal by granting partial reliefs to the petitioner by upholding the best judgment assessment, but by reducing to addition to 50% of the suppression noticed in the order. But no interference was made in the estimation of Rs.2,23,32,982/- on account of the difference in the closing stock. Aggrieved by the orders ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n has been carried forward to the subsequent assessment year for the year 2015-16 and subjected to tax in the event of sales. 4. Heard. 5. It was contended that the petitioner has maintained true and correct books of accounts and records and he had produced all the stock registers and connected records at the time of inspection and since there were some clerical errors on the stock records, the Intelligence Officer recorded and treated it as stock difference and the value estimated at Rs.2,11,400/-. He further submitted that the authorities erred in estimating the turnover of Rs.2,23,32,982/- by adding 6.9% gross profit to the alleged difference to the value of Rs.2,08,91,471/- between the closing stock inventory of Form 53 and that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the quantity of nature of gold. The stock verification of Rs. 2,23,32,982/- is of substantial nature and that too in respect of gold. Since the Tribunal is also held that in the absence of supporting documents, the Tribunal is unable to interfere with the finding. The counsel for the revision petitioner submits that though the Tribunal has allowed the appeal in part on the aspect of turnover addition reduced to 50%, the said finding is also illegal and improper. The counsel pointed out that in case of the appellants sister concern, the KVAT Tribunal, Kozhikode was pleased to delete the addition of value of discrepant value of closing stock on finding that there was no different in the quantity of stock but only in the valuation which is on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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