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2013 (12) TMI 2 - AT - Income TaxUndisclosed sales - Held that - The sale made to the parties were through regular invoice and payment has also been received through regular banking channel - DG set is a high value item and normally there is a slim possibility for sale being totally unaccounted specially when they are made to public sector undertaking and reputed companies like General electric - During the Remand proceedings, the reconciliation statement along with the evidences submitted by the assessee was examined - The assessee s contentions were found to be factually correct as per his books of accounts - Decided against Revenue.
Issues:
Appeal against deletion of addition on account of undisclosed sales. Analysis: The appeal by the revenue before the Appellate Tribunal ITAT Kolkata arose from the order of CIT(A)-XXXIII, Kolkata concerning the Assessment Year 2008-09. The only issue raised by the revenue was against the CIT(A)'s deletion of the addition made by the Assessing Officer (AO) on account of undisclosed sales amounting to Rs.24,77,846. The AO had noted a discrepancy in sales during the assessment proceedings, leading to the addition. The CIT(A) deleted the addition after finding that the sales were accounted for and there was a direct contradiction between the AO's observation and the assessee's contention that the sales were unaccounted. The CIT(A) verified the case records and concluded that the assessing officer's finding was factually incorrect. During the hearing, the bench called for a remand report from the AO, who reconciled the figures with the evidence provided by the assessee during the remand proceedings. The AO confirmed the correctness of the assessee's contentions, and the Senior DR for the revenue conceded the position. Consequently, the Tribunal confirmed the CIT(A)'s order and dismissed the revenue's appeal. In the final judgment pronounced on 21st November 2013, the appeal of the revenue was dismissed, upholding the CIT(A)'s decision to delete the addition on account of undisclosed sales.
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