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TMI Blog2015 (10) TMI 1612X X X X Extracts X X X X X X X X Extracts X X X X ..... ganization like FCI. The shortage is due to transit loss and loss of moisture. In term of the above, we confirm the order of CIT(A) and consequently, this issue of revenue’s appeal is dismissed. - Decided in favour of assessee. - ITA No. 1860/Kol/2012 - - - Dated:- 11-6-2015 - P. K. Bansal, AM And Mahavir Singh, JM,JJ. For the Appellant : Shri K L Kanak, Sr. DR For the Respondent : Shri J M Thard, Adv. ORDER Per: Mahavir Singh: This appeal by revenue is arising out of order passed by CIT(A)-VIII, Kolkata vide Appeal No. 180/CIT(A)-VII/Kol/10-11 dated 09.10.2012. Assessment was framed by ITO, Wd-9(4), Kolkata u/s. 143(3) of the Income-tax Act, 1961 (hereinafter referred to as the Act ) for Assessment Year 2008-09 v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ates either were on the same or the difference between them were of very negligible period of one day or two days. 3. Briefly stated facts are that the assessee carries on business of wholesale of wheat and maize and other food products. The assessee for AY 2008-09 filed its return of income on 29.09.2008. During scrutiny assessment proceeding, assessee produced complete books of account along with supporting evidence and as per the assessment order, which were test checked and verified. During the course of assessment proceedings, the AO required the assessee to explain the shortage of wheat of 507 quintals and maize of 830 quintals. The assessee produced complete books of account before the AO and there was no defect pointed out by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... record of closing stock of the said item for balance 507.32 quintal of wheat nor there was any reflection of value of shortage goods in the schedule 8 in the balance sheet of the assessee filed with return. Further, in respect to wheat the AO has recorded the following: On the other hand, the facts on records suggests that the assessee has not disclosed the sale of entire balance quintal of the wheat and Maize made either in the declared purchase rate or last sale rate of that. In the light of the above facts on record and considering value taken for wheat and maize in the last declared sale rate. Wheat 507 quintal x 1257 per quintal = ₹ 6,37,701/- Maize 830 quintal x 805 per quintal = ₹ 6,68,150/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat there is negative stock. He insisted that this negative stock should now be considered as an addition. He referred to page 32 of assessee s paper book wherein the closing stock of maize is negative to the extent of 7400 quintal. When a query was put to ld. Sr. DR, how the Bench now can look into this issue when the AO has not made this addition? He could not explain but he insisted that this should be sent back to the file of AO. We find that there is no such addition made by AO and no such issue is raised before CIT(A) or before us now. From the grounds of appeal filed before us and before CIT(A), it is clear that the only issue is regarding shortage of stock of wheat and maize and nothing else. The assessee has filed the complete quan ..... X X X X Extracts X X X X X X X X Extracts X X X X
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