2003 (4) TMI 253

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..... ned authorized representative of assessee has relied on the order of CIT(A). 4. I have considered the rival contentions, the material on record as also the orders of AO and learned CIT(A). The learned CIT(A) has observed that the deposits made in the RD a/c of two children is just of Rs. 2,400 each i.e., of Rs. 200 p.m. He has also observed that it is customary to receive and give small gifts on ceremonial and other occasions and so there is no justification to reject assessee's explanation. Considering the facts and circumstances of the case, I agree with the finding of learned CIT(A) in deleting the said addition. As such the deletion of addition by the learned CIT(A) is found to be quite justified and I accordingly decline to interfere .....

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..... rom the perusal of record it is found that the assessee has purchased partly fire damaged split from India Gum Industries. The assessee's plea has been that it was a bargain which consisted both sound stock and damaged stock and the assessee was hopeful of making profit after separation of sound stock and damaged stock; and that the assessee could not make profit because the damaged stock worked out to be in higher quantity. The AO has not controverted the assessee's above statement/contentions with any supportive material or basis for disallowance of the loss. As such considering all the facts and circumstances of the case I find it to be not justified on the part of AO to disallow the said loss. In the circumstances the impugned order of .....

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..... s found to be quite proper and justified. I, therefore, decline to interfere with the same. 12. Ground No. 5 disputes the deletion of addition of Rs. 15,638, made by AO on account of undervaluation of stock of Tumba oil. The learned Departmental Representative of Revenue has relied on order of learned AO. As against this the learned authorized representative of assessee has relied on the order of CIT(A). 13. I have considered the rival contentions as also the relevant material on record. From the perusal of record it is revealed that the addition has been made on the basis of same facts as discussed in ground No. 4 above. The AO has valued the stock at the sale price at which the goods were sold to Madras party on 19th March, 1990. The .....

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