9911796707
TMI Blog2015 (11) TMI 1679X X X X Extracts X X X X X X X X Extracts X X X X ..... at although such working was stated to be filed by the assessee showing the relevant transactions for the period 01.09.2007 to 14.09.2007 before the ld. CIT(Appeals), there is no such specific mention in the order of the Assessing Officer about the said working having been filed by the assessee. Although the ld. CIT(Appeals) has brushed aside the said working by treating the same as an after-thought, we are of the view that the said working prepared and furnished by the assessee to reconcile the difference in stock as taken by the Assessing Officer of different dates, i.e. 01.09.2007 and 14.09.2007 is relevant and it should be considered and verified before making any addition on account of the alleged shortage of stock. We, therefore, cons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... luding the type of expenses claimed by the assessee, the nature of business of the assessee and the quantum of expenses, we are of the view that the disallowance of 10% made by the Assessing Officer and confirmed by the ld. CIT(Appeals) for want of supporting vouchers and bills is quite fair and reasonable. We, therefore, uphold the impugned order of ld. CIT(Appeals) on this issue and dismiss the Ground of the appeal of assessee. X X X X Extracts X X X X X X X X Extracts X X X X ..... on this aspect. The Assessing Officer, therefore, treated the shortage of stock found during the course of survey as the sales made by the assessee outside the books of accounts and the value thereof of ₹ 27,81,670/- was added by him to the total income of the assessee in the assessment made under section 143(3) vide an order dated 31.12.2010. 5. Against the order passed by the Assessing Officer under section 143(3), an appeal was preferred by the assessee before the ld. CIT(Appeals) and during the course of appellate proceedings before the ld. CIT(Appeals), a reconciliation was filed by the assessee showing the movements of stock of relevant items from 01.09.2007 to 14.09.2007. On the basis of the said reconciliation statement, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the reconciliation prepared and furnished by the assessee was held to be an after-thought by the ld. CIT(Appeals) and the addition made by the Assessing Officer on account of shortage of stock found during the course of survey was confirmed by him. It is, however, observed that the physical inventory of stock was prepared at the time of survey carried out on 14.09.2007, while the stock taken by the Assessing Officer to work out the shortage of stock, was as per the books of account of the assessee, which were incomplete as the same were not written for the period 01.09.2007 to 14.09.2007. The difference in stock thus was worked out by the Assessing Officer without taking into consideration the movement of stock during the period from 01 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d No. 4 relates to the addition of ₹ 3,00,000/- made by the Assessing Officer and confirmed by the ld. CIT(Appeals) on the basis of entries found recorded in the diary during the course of survey. 8. During the course of survey, a diary was found in the name of one Shri Shyam Sangha, wherein an entry of ₹ 2,00,000/- was made on 20.03.2007 in respect of Indian Bank and ₹ 1,00,000/- on 18.03.2007 in the name of one Shri Manindra Nath. Since no explanation whatsoever could be offered by the assessee in respect of these entries, the amount of ₹ 3,00,000/- was added by the Assessing Officer to the total income of the assessee. On appeal, ld. CIT(Appeals) confirmed this addition made by the Assessing Officer after having ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 85,871/- Packing charges Rs.2,21,543/- Labour charges Rs.2,50,550/- Repair & maintenance ₹ 66,154/- During the course of assessment proceedings, the assessee could not produce the relevant record as well as documentary evidence in the form of bills and vouchers to support and substantiate his claim for the aforesaid expenses, despite sufficient opportunity afforded by the Assessing Officer. The Assessing Officer, therefore, treated the expenses claimed by the assessee under the various heads as not fully verifiable and the disallowance of ₹ 2,75,000/- was made by him being 10% of such expenses. On appeal, ld. CIT(Appeals) confirmed the said disallowance made by the Assessing Officer observing that in the absence ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
