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TMI Blog2016 (1) TMI 373X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee has to explain the nature and source of the stocks and if that is not satisfactorily explained, the value of the stocks can always be treated as assessee's income. We do not find any error in the above view. So far as the addition of ₹ 34,675 is concerned which was added towards unexplained investment in respect of the excess stocks of Haldi, big cardimum and Magraila as the source of investment had not been explained by the assessee. - Decided against assessee - Civil Misc. Restoration Application No. 26184 of 2010, Income Tax Reference No. - 21 of 1984 - - - Dated:- 4-1-2016 - Hon'ble Bala Krishna Narayana And Hon'ble Shamsher Bahadur Singh, JJ. For the Applicant : R. R. Mishra, Rakesh Kumaar For the Resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s ₹ 145/- per bag. The income -Tex Officer, therefore, valued the closing stock of 260 bags of chillies @ ₹ 207/- per bag and 202 bags of Dhania @ ₹ 145/- per bag. There was thus an addition for under valuation of stocks of ₹ 20, 780/- in Chillie account and ₹ 2, 345/- in Dhania account. The income-Tax Officer further found that the stocks pledged with the bank exceeded the stocks shown in the account books and at the end of the year the excess stock amounted to 3 bags of Haldi, 36 bags of Sonth, 53 bags of big cardimum and 18 bags of Mangraila. The Income- Tax Officer was not satisfied with the assessee's claim that these excess stocks belonged to Shri Shankarji P. O. Maharajganj, Shri Mohan Lal Gupta, P.O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come-tax (Appeals) confirmed the addition of ₹ 34, 675/- made by the Income-tax Officer and refused to interfere. Hereto annexed, marked Annexure B and forming part of the statement of the case, is a copy of the order of the Commissioner of Income-tax (Appeals). The assessee was not satisfied with the order of the Commissioner of Income-tax (Appeals) and, therefore, came up in further appeal before the Appellate Tribunal. The Appellate Tribunal agreed with the Commissioner of Income- tax (Appeals) on both of these issues following findings have been recorded: Addition for under valuation of closing stock of chilkies and Dhania: We have carefully considered the rival submissions. Inspite of a specific query by the Bench, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be with the assesses for sale on consignment basis and which were claimed to have been pledged with the bank was not filed either before the lower authorities or even before us at the time of the hearing of the appeal. The mere fact that the Income-tax Officer accepted the assessee's claim of goods belonging to Shri Mohan Lal cannot act as an estoppel, to the determination on merits whether the goods of the other persons also existed with the assessee and were pledged with the bank contrary to the sworn declaration before the bank at the time of hypothecation of stocks. The addresses furnished by the assessee, as already described above, were very very scanty and it is not controverted that inspite of the request of the Income-tax of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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