TMI Blog2018 (2) TMI 2103X X X X Extracts X X X X X X X X Extracts X X X X ..... the decision of Hon ble Supreme Court in the case of Sahara India [ 2008 (4) TMI 4 - SUPREME COURT] has held that it was incumbent upon the authorities below to give proper reasons as to why they are rejecting the preliminary objection of the assessee for the reliance on report of the survey officers of BCCL regarding the discrepancy found during survey conducted u/s 133A - even administrative orders have to be consistent with rules of natural justice. Accordingly we remit the issue to the file of the A.O. The A.O. is directed to consider the issue de novo and pass a speaking order after considering all the aspects raised by the assessee. We deem it proper to remand the issue to the file of the A.O. for his consideration afresh in term ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... non reconciliation of the excess stock and basing on certificate of valuation of physical stock issued by BCCL, without considering the objection by the assessee, determined the value of undisclosed stock at Rs. 47,94,499/- and added to the total income of the assessee. The ld. CIT(A) confirmed the said addition. 4. Before us, the learned AR submits during the survey no incriminating material was found. The assessee maintains its stock by weight. The A.O. without considering the objections of assessee and following the valuation done by the BCCL, estimated the value of stock which is bad in law. The learned AR, further submits that nowhere in the Income Tax Act, it has been provided that for taking inventory of any cash, stock or other ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red opinion, it was incumbent upon the authorities below to give proper reasons as to why they are rejecting the preliminary objection of the assessee for the reliance on report of the survey officers of BCCL regarding the discrepancy found during survey conducted u/s 133A of the I.T. Act. Hon ble Apex Court in the case of Sahara India P. Ltd. Vs CIT 300 ITR 403 (SC) has held that even administrative orders have to be consistent with rules of natural justice. Accordingly we remit the issue to the file of the A.O. The A.O. is directed to consider the issue de novo and pass a speaking order after considering all the aspects raised by the assessee. 7. In view of the same, we deem it proper to remand the issue to the file of the A.O. for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e raised during the course of hearing 11. It is noticed that the revenue has raised ground challenging the action of CIT(A) in allowing telescoping of excess stock against the undisclosed profit. Since we have decided to remand both the issues raised in assessee s appeal above for the consideration of A.O. afresh and ground raised by the revenue in the above appeal does not survive. Therefore, ground no 1 raised by the revenue is dismissed as infructuous. 12. C.O. No. 18/Ran/2014: The ground raised in the cross-objection is arising out of appeal filed by the revenue. Since we dismiss the same as infructuous in the afore-mentioned paragraph, the ground raised in cross-objection filed has become infrustuous and C.O. filed by the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
