9911796707
TMI Blog2025 (3) TMI 1171X X X X Extracts X X X X X X X X Extracts X X X X ..... er herein was dismissed. 2. Facts of the case are that the Petitioner/Assessee is engaged in the business of manufacturing of CTD bars, Rounds, M.S. Ingots etc. During the assessment year 2009-10, the Assessing Officer has passed an order under Section 143 (3) of the Act 1961 on 31.12.2011 and assessed loss of Rs. 3,49,46,476/- though the Assessee company has filed return showing total loss of Rs. 4,09,13,490/-. During the course of verification of books of accounts and records, it was noticed that there has been survey operation conducted by the Central Excise Authority on 22.10.2008 wherein it was found that there was shortage of closing stock of finished goods at 171.05 metric tonnes (MT) and raw material of 45.655 MT and the concerned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... found during the survey and addition can be made only to the extent of estimated profit embedded in sale for which net profit rate ought to be adopted. Learned counsel also places reliance in the matter of B. & Bros. Engineering Works Vs. Dy. C.I.T. Income Tax (2003) 84 I.T.D. 243 (Ahd.) (T.M.)/(2003) 78 TTJ (Ahd) (TM) 876; CIT Vs. Balchand Ajit Kumar (2003) 263 ITR 610 (MP); Oriental Electronics Patiala Vs. Dept. of Income Tax [ITA No.211/Chd/2011 Order dated 25.04.2012 decided by ITAT 'A' Bench Chandigarh]; Janta Tiles Vs. ACIT (2000) 66 TTJ (Pune) 695; CIT Vs. President Industries (2000) 158 CTR (Guj) 372; Nankiram S Jhamtani, Ahmedabad vs. Dept. of Income Tax (ITA No.897 (Ahd.)/2009 order dated 17.01.2011). On the basis of abov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me tax return for the Assessment Year 2009-10 and shown the total loss at Rs. 4,09,13,490/-. The Assessing Officer while passing the order dated 31.12.2011 under Section 143 (3) of the I.T. Act 1961 on the basis of survey conducted by the Excise Authority found that the valuation of the stock at Rs. 57,41,353/- has not been mentioned in the books of account of the petitioner. So the Assessing Officer has added the said income and the petitioner has also admitted the same before the Excise Authority. So the petitioner Company has not mentioned the difference of stock of Rs. 57,41,353/- in their books of accounts. Further, in spite of issuance of notice by the Department of the Assessment proceedings the petitioner failed to offer any satisfa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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