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TMI Blog2015 (10) TMI 173X X X X Extracts X X X X X X X X Extracts X X X X ..... 5/Del/2012 - - - Dated:- 31-10-2014 - SHRI I. C. SUDHIR AND SHRI T.S. KAPOOR, JJ. For the Appellant : Shri BRR Kumar, Sr. DR For the Respondent : Shri Piyush Kaushik, Adv. ORDER Per: T S Kapoor: This is appeal filed by Revenue against the order of Ld. CIT(A) dated 12.01.2012. the Revenue is aggrieved with the action of Ld. CIT(A) by which he had deleted the addition of ₹ 87,86,604/- made by the A.O. on account of difference in value of stock submitted to bank in the form of stock statement and the stock as per books of account of the assessee. 2. The brief facts of the case are that the assessee is engaged in the business of manufacturing and trading of jewellery, bullion. The return of the assessee was se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the assessee, deleted the addition by holding as under: I have carefully considered the submissions made by the appellant and views of the assessing officer as contained in the assessment order on this issue. From the records, I find that the valuation of closing stock as given to bank and as per books of accounts of the appellant is as under: Stock statement as on 31.03.2007 (given to bank) Particulars of stock Quantity Value Alloy mixing 13,214.375 13,214.36 Under process (gold bar) - - 78% Gold jewellery 3,81 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10,74,921/- as per books than that given to the bank. The A.O. has merely cherry picked two items where stock shown to the bank was more than the stock shown in the books of accounts, namely 78% and 83% jewellery. The A.O. has ignored the items like 92% jewellery where stocks shown in the books of accounts is much more than the stock shown to the bank. It is trite law that the whole document has to be read together, and the AO cannot merely rely on the portion) convenient to him. In the present appeal, the impugned stock was hypothecated, and not pledged with the bank. Further, the appellant had shown more stock value-wise in its books of accounts, compared to stock shown to the bank. Further, I find that the assessing officer has not adju ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5. Ld. A.R. on the other hand submitted that the value of stock as per books of account of the assessee in fact was more than the value of stock as per bank statement. The assessee has taken the value as per books of account in its trading account and, therefore, there was no loss to the revenue as in the trading account, higher figure was taken. It was further submitted that the A.O. picked up only two items of jewellery for comparison which is not correct as either the whole of the statement was to be considered and as per law, the A.O. was not entitled to cherry-pick the items as per his convenience. In view of the above, it was submitted that Ld. CIT(A) has rightly deleted the addition. 6. We have heard rival parties and have gone t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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