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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 ..... 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 dealin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e preferred an appeal before the Commissioner Income Tax (Appeal) and the Commissioner Income Tax vide his order dated 30/08/2013 partly allowed the appeal of the assessee. Challenging this order appeals were filed before the Tribunal and the Tribunal having partly allowed the appeals of the Department and having dismissed the appeal of the assessee, this appeal by the department. For the assessm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... liation 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 calcula ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... list of persons to whom the payments are required to be made. Thus, no addition can be made in respect of the liability assumed by the AO on the basis of this paper. The liability may be in respect of loans incurred or for any other purpose. It is pertinent to mention that during the course of search, no undisclosed investment, property or cash was found. Further the assessee has already offered a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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