9911796707
TMI Blog2024 (12) TMI 1055X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of suppressed sales of Rs. 3,71,75,141/- on the reasoning that only gross profit on suppressed sales can be treated as income without appreciating that onus is on the assessee to prove that any expenses were incurred outside books of accounts against such suppressed sales. 3. Briefly stated, the facts of the case are that the assessee filed its return of Income on 30.11.2015 declaring an income of Rs. 13,71,270/. Return was selected for complete scrutiny assessment through CASS and accordingly, statutory notices were issued and served upon the assessee. 4. The assessee is in the business as a dealer of food grains and commission agent and has income from other sources. Copy of Audit report in Form 3CD was furnished during the assessme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appellant in his regular business and apply the same to the suppressed receipts of Rs 3,71,75,141/- and treat the consequent profits as taxable income in the hands of the assessee. 8. In addition, the CIT(A) also held that 20% of suppressed receipts be treated as undisclosed investment in purchases of agricultural products which were subsequently sold outside his books of account. 9. Now the Revenue is aggrieved and has come in appeal before us. 10. Before us, the ld. DR vehemently stated that the ld. CIT(A) erred in deleting the addition without realizing that such sales were already part of accounts and expenses fully claimed by the assessee as per audited accounts and granting further expense will be without any basis or rationale. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... litated sales on behalf of agriculturist. 15. The ld AR further stated that the assessee firm did not receive any commission on consignment sales as it effected sales on behalf of petty agriculturist who were in regular contact with the partners of the appellant firm since long. Detail of parties to whom consignment sale was made, was produced. 16. We have heard the rival submissions and have perused the relevant material on record. The assessee has before us filed a detailed list of parties to whom the sales were made during the year. The list includes names of parties for whom consignment sales are also made. We find that the parties to whom sales are made are also the same parties for whom consignment sales are made. There is, however, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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