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TMI Blog2014 (7) TMI 380X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee has not maintained any details of such stock in the books of account – thus, the addition of ₹ 1,80,517/- as unexplained stock is to be set aside. Unexplained cash – Held that:- The AO has recorded the finding that during the course of survey, cash of ₹ 1,12,957/- was found as against the cash in hand in the books of account at ₹ 23,417 - there was an excess cash fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d CIT(A)-I, New Delhi dated 7th February, 2012 for the AY 2007- 08. 2. The assessee has raised the following grounds of appeal:- 1. The ld.CIT(Appeals) erred in law and on facts in confirming the assessment framed u/s 144 of the Act without affording a reasonable and adequate opportunity to the assessee. Thus, the assessment so framed is bad in law and should be annulled. 2. The ld.CIT(A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ying on a very small business of retailing of spices of MDH brand to hotels and restaurants. The smallness of the assessee s business is evident from the fact that during the course of survey, total stock found was only of ₹ 1,80,517/- and cash of ₹ 1,12,957/-. That the Assessing Officer estimated the income from such retail trade at ₹ 4 lakhs, made the addition of the entire sto ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he sides and perused relevant material placed before us. Insofar as the addition of stock is concerned, we find that the total stock found was of ₹ 1,80,517/-. When the assessee is carrying on the business, some stock is bound to be there. The Assessing Officer has estimated the income at ₹ 4 lakhs. In such circumstances, the stock of ₹ 1,80,517/- cannot be said to be excessive o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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