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TMI Blog2019 (2) TMI 1336X X X X Extracts X X X X X X X X Extracts X X X X ..... n 20.8.2016 and following questions of law were framed by the Court, which read as follows:- "(A) Whether on the facts and circumstances of the case and in law the ITAT was correct and justified in deleting the addition of Rs. 2,70,77,374/- made towards undisclosed stock in complete disregard of physical stock and records found during search action? (B) Whether on the facts and circumstances of the case and in law the ITAT was correct and justified in deleting the addition of Rs. 4,70,282/- as unexplained cash in complete disregard of relevant documents found during the search action? (C) Whether the ITAT has erred in law and facts in deleting the addition of Rs. 7,80,200/- made on protective basis related to unexplained stock found a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 374/- on account of undisclosed stocks, Rs. 4,70,282/- was found in cash at the time of search and Rs. 7,80,200/- unexplained stock investment in dies and chemicals which were made on protective basis. Against the aforesaid assessment order dated 30.12.2011 the respondent had filed an appeal before the Commissioner of Income Tax (appeals), Varanasi, who, vide its order dated 2.4.2012 allowed the appeal and deleted all additions made by the Assessing Officer. Feeling aggrieved by the aforesaid order, the Revenue preferred an appeal before Income Tax Appellate Tribunal, Allahabad Bench, Allahabad. The Tribunal by the impugned order has dismissed the appeal of the Revenue. Hence, the present appeal. A perusal of the record, shows that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... closing stock at Rs. 6,29,62,463/-. Since there was no any new development in stock in a single day after search, its stock was greater than the stock inventorized by the Search Party at Rs. 4,49,31,695/-. The Search Party took the data from computer which according to assessee was not updated on the day of search. However, it was duty of the A.O. to consider assessee's submission when assessee filed reconciliation statement during assessment proceedings and produced the Purchase register in conformity with the final audited accounts filed along with the return of income. The following chart will show how different treatment has been given on the stock by the Search Party and Assessing Officer:" The Tribunal being last court of fact ..... X X X X Extracts X X X X X X X X Extracts X X X X
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