2012 (3) TMI 476

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..... 00/- relating to assessment year 2006-07. 2. In this case the return was filed declaring income of ₹ 2,99,930/-. Assessment was completed determining the total income at ₹ 4,22,547/-. During the assessment proceedings, it was seen that a survey under section 133A was carried out at the business premises of the assessee on 22.12.2005. As per physical verification, the stock was found a .....

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..... ock was sold which could not be entered in the books of account. Therefore, if any addition could have been made that could have been made on the profit of short stock found. Even otherwise, this is an estimation of stock during the course of survey, therefore, difference on account of estimation of stock, in my view, at least penalty should not have been levied. Accordingly I cancel the levy of p .....

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