9911796707
TMI Blog2014 (7) TMI 262X X X X Extracts X X X X X X X X Extracts X X X X ..... tock valuation and other relevant materials, it reconciled the entire material and concluded that the AO was not right in making additions – Thus, the order of the Tribunal is upheld – Decided against Revenue. - Tax Appeal No. 407 of 2014 - - - Dated:- 7-5-2014 - Akil Kureshi And Sonia Gokani,JJ. For the Appellant : Mrs. Mauna M. Bhatt, Advocate ORDER (Per : Honourable Ms. Justice Sonia Gokani) 1. Revenue has challenged the judgement of the Income Tax Appellate Tribunal ( the Tribunal for short) dated 30.9.2013 raising following substantial question of law : Whether the Appellate Tribunal has substantially erred in restricting the addition on account of excess stock to ₹ 4.07 lacs against ₹ 34.53 lacs ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tive of the appellant cannot be brushed aside without giving proper thought. The addition of under section 69 of the Income Tax Act can be made which are not recorded in the books of account. With all the defects in the sheets, called to be the inventory statement as pointed out by the representative of the appellant, no addition can be made unless supported by other independent evidences and only after replying to all the pleas raised by the appellant. However, as the additions during this year has been made only on the basis of disclosure statement, in view of the discussion above, it is held that no addition on account of those statements can be made. Therefore, I am of the view that no addition in assessment order under consideration ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ld. CIT(A) is modified accordingly. Resultantly, the ground of the Revenue is partly allowed. 6. Revenue therefore, has challenged such decision by filing present Tax Appeal and raising the aforementioned substantial question of law for our consideration. 7. We have heard learned counsel Ms. Mauna Bhatt for the Revenue and examined the materials on record with her assistance. Issue is predominantly based on factual matrix. We notice that both the CIT(Appeals) and the Tribunal have treated the issue elaborately and concluded in favour of the assessee. The Tribunal noticed that the Assessing Officer predominantly had relied upon the retracted statement. The Tribunal thus had undertaken the entire exercise of computation. On examining t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
