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TMI Blog2012 (12) TMI 319X X X X Extracts X X X X X X X X Extracts X X X X ..... & since the assessee has already surrendered the amount of difference (valuation made by the survey party and declaration of the assessee), which was accepted by the department at the time of survey, therefore, no further addition is warranted - in favour of assessee. - ITA No.277/Ind/2012 - - - Dated:- 18-7-2012 - SHRI JOGINDER SINGH AND SHRI R.C. SHARMA, JJ. Appellant by Shri S.S. Deshpande Respondent by Shri R.A. Verma ORDER PER JOGINDER SINGH, judicial member The assessee is aggrieved by the impugned order dated 23rd January, 2012 passed by the learned first appellate authority, Bhopal, on the ground that on the facts and in the circumstances of the case, the CIT(A) erred in affirming the addition of R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the burden to prove that unaccounted stock found during the course of survey lies on the A.O. In the present case the A.O. has discharged the onus to prove by examining the issue and giving the appellant adequate and sufficient opportunity to explain his case. It is undisputed that a part of stock found during the course of survey was unaccounted. The A.O. has worked out the excess stock on the basis of the Registered Valuer s report. The valuation of stock is done by a Registered Valuer who is qualified and duly registered for doing the job. His competence cannot be judged by the appellant. There are no specialist valuers for valuation of furniture. In these circumstances the Registered Valuer qualified to do valuation and assessment of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 25,85,088/-. Thus, the difference of Rs. 2,17,148/-, claimed to be found excess by the Revenue, was surrendered by the assessee as income from other sources. Shri N.D. Mathrani, registered Valuer vide report dated 9.4.2007 valued the stock at Rs 37,36,750/-. This valuation was challenged. The Valuer vide written reply dated 24.12.2009 tried to justify the valuation by stating as under :- That an inventory was initially prepared of the stock that lay in heaps, and displayed all over the show room. Since no data, document or measurement were received from the assessee to be able to arrive at a value, all judgment was used to best of my professional capacity to collect the data, assimilate quality and arrive at the values applied. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not expected to keep the furniture forever especially when the Valuer also did not visit on 8th March, 2007, therefore, there is all possibility that the furniture thereafter might have been sold by the assessee. In such a situation, the valuation cannot be done by the Valuer and that too he did not go to the premises of the assessee, as has been claimed. It is a case of survey and how long the assessee will wait. Since the assessee has already surrendered the amount of difference (valuation made by the survey party and declaration of the assessee), which was accepted by the department at the time of survey, therefore, no further addition is warranted. Finally, the appeal of the assessee is allowed. This order was pronounced in the ope ..... X X X X Extracts X X X X X X X X Extracts X X X X
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