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TMI Blog2014 (4) TMI 748X X X X Extracts X X X X X X X X Extracts X X X X ..... n,JJ. For the Appellant : Shri Sanjay Lal, learned counsel ORDER Both these appeals have been filed by the department under Section 260-A of the Income Tax Act, 1961 and they arise out of a common order for the assessment years 2009-10 and 2008-09. As the question of law and facts pleaded are the same they are being disposed of by this common order. The concurrent orders passed by the Commissioner of Income Tax, (Appeals) and the Tribunal are challenged in both these appeals. The assessee is an individual dealing in fertilizer, Gutka, Cigarette and manifacturing of pulses. A search and seizure operation under Section 132 of the Income Tax Act was carried out at the residence and business premises on 22/01/2009, notice und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stock in terms of reconciliation statement submitted by the appellant. The tribunal also consider this aspect and remanded the matter back with the following directions:- However, no finding has been recorded by the CIT(A) on the computation of stock as filed in terms of reconciliation statement. In the interest of justice, we set aside this ground to the file of the AO with the direction to take the correct opening stock as on 01/04/2008 at Rs. 55,74,475/- and recompute the closing stock as at the end of the year by incorporating the purchases and sales made during the respective years. The addition is to be confined to the difference so worked out between such calculation and the value of physical stock taken as on the date of se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion u/s 69C has already been deleted by the CIT(A), the assessee has also offered the income against the loose papers and as such these amounts cannot be saddled with interest. Since the amount has been accepted by the assessee as its own income, there is no justification in assuming that the assessee has paid interest on such amount. No addition is required on the basis of assuming interest on the amount which has already been accepted by the assessee as his own income. In view of the reasons given by the Tribunal as reproduced hereinabove, we find that the reasonable approach has been adopted by the Tribunal, in doing so no error of law is committed and therefore, no substantial question of law is arise for consideration now, both the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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