9911796707
TMI Blog2013 (12) TMI 664X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessment year 2005-06 is directed against the order of learned C IT(A) dated 7.3.2009. 2. Briefly stated, the facts of the case are that the assessee carries the business of Dye, Dye Stuff, Caustic, Chem etc. A survey u/s 133A of the Act was conducted at the business premises of the assessee on 9.11.2004. The ledger postings of the day was not complete at the time of survey but were completed during the course of survey All the books of account were available. While preparing trading account for ascertaining closing stock as on the date of survey, one bill qua purchase of Rs. 2,16,900/- was not available on spot but the goods as per that bill were stated to received and unloaded in the godown. According to assessee this stock was include ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TR No.2015 of M/s Vikram Transport Company, it was seen that the invoice mentioned thereon is 233225/CSF/3724 and not 4098. The Commissioner also took into consideration the statement of the assessee that during survey, the inventory was prepared in his presence and in his statement, the Porp. Shri Rajendra Kr. Chopra had certified the correctness of the physical stock taken. In that statement, Shri Chopra had also referred to some defects in the stock taking and in its valuation but before the Assessing Officer he could not pin point any such defect despite opportunity given to him. Accordingly, the learned C IT(A) has also upheld the addition of Rs. 2,16,900/-. Now, the assessee has come in appeal before us. 4. Almost all sorts of argum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the ld. AR are directly on the issue. It is trite that in case the assessee disapproves surrender with the help of evidence and explains the discrepancy found in the valuation of stock taken during survey proceedings the statement cannot be given any evidentiary value. The assessee has computed the total excess stock as per record which has not been disputed by the revenue. In our considered opinion, the assessee has clearly calculated the excess stock and has paid taxes thereon and has also disclosed to that extent in the return of income, therefore, any further addition solely based on the admission of the assessee in such circumstances cannot be sustained in the given case. Accordingly, we order to delete the impugned addition and allow ..... X X X X Extracts X X X X X X X X Extracts X X X X
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