TMI Blog2009 (7) TMI 64X X X X Extracts X X X X X X X X Extracts X X X X ..... ification by the Excise authorities, in the present case, the said authorities had also not pointed out any mistake in the stock register maintained by the assessee – order of ITAT deleting the addition maintained. - 765 of 2008 (O&M) - - - Dated:- 31-7-2009 - ADARSH KUMAR GOEL and DAYA CHAUDHARY, JJ. Mr. Rajesh Katoch, Advocate, for the revenue. JUDGMENT ADARSH KUMAR GOEL, J. - The revenue has preferred this appeal under Section 260A of the Income Tax Act, 1961 (for short, "the Act") against the order dated 31.3.2008 passed by Income Tax Appellate Tribunal, Chandigarh, Bench "A" passed in ITA NO. 117/Chandi/2007 in the case of M/s R.K.Rice Mills, Rajpura v. Income Tax Officer, Rajpura for the assessment year 1997-98, propos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of paddy milled belonging to FCI and PUNSUP. The assessee had not kept the record for driage of paddy. The assessee declared different quantity of stock in different records. The AO after making comparison of the result of the assesee with the results of other rice shellers, made addition on account of suppression of yield of rice bran, phuck and phoose. Similar addition was made in respect of suppression of yield of rice bran, phuck and phoose obtained out of the paddy owned by PUNSUP and FCI and addition was also made on account of investment from undisclosed source in purchase of paddy, difference in the stock statement maintained by the assessee and in the stock statement furnished to the bank. The additions were upheld by the CIT(A) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of business, by the assessee therefore the addition made by the Assessing Officer and sustained by the ld. CIT(A) was not justified." xx xx xx xx xx xx xx xx "The assessing officer on the basis of photocopy of the stock statement, came to the conclusion that the assessee was having 732.21 qtls stock of paddy basmati as on 31 st March, 1997 while the stock was shown 'nil' in the books of account. However, the original stock statement was not brought on record and even the Assessing Officer did not allow the assessee to cross examine the bank officials who claimed to have verified the stock as on 31 st March, 1997. In the instant case, the Assessing Officer did not point out any mistake in the books of account maintained by the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
