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TMI Blog2015 (9) TMI 1660X X X X Extracts X X X X X X X X Extracts X X X X ..... the Tribunal s order is exhibited at page-3 4 of CIT(A) s order, based on which the Ld. CIT(A) has confirmed the penalty. We, therefore, do not find any error or infirmity in the findings of the Ld. CIT(A). Order of the Ld. CIT(A) is confirmed. - I.T.A. No. 4101/Mum/2013 (Assessment Year : 2004-05 - - - Dated:- 1-9-2015 - Shri N.K. Billaiya, Accountant Member And Ram Lal Negi, Judicial Member Appellant by: None Respondent by: Shri Nitin Waghmode ORDER N.K. Billaiya, This appeal by the assessee is preferred against the order of the Ld. CIT(A)-25, Mumbai dt. 19.3.2013 pertaining to Assessment year 2004-05. 2. The sole grievance of the assessee is that the Ld. CIT( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he audit report. The assessee did not file any plausible reply. The AO found that the assessee in its submission has given the details of finished goods of 71824.310 mtrs whereas as per the Tax Audit Report, the closing stock of finished goods is at 147722.06 mtrs. 3.2. Further, the AO found that as per the Tax Audit Report, the assessee has claimed shortage at 7.39% on the total consumption of 626730.60 mtrs showing yield of production at 571435.50 mtrs. According to the AO, the actual percentage of shortage comes to 8.82% whereas the assessee has claimed 7.39%. The AO was convinced that the assessee has shown abnormal shortage. The AO allowed the claim at 3.82% and added back ₹ 12,83,856 on account of excess shortage. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... refore, to this extent, no penalty is leviable. However, on the addition on account of valuation of closing stock is concerned, we find that even in the quantum appeal, the Tribunal has categorically denied to accept the additional evidence which were not relevant in the case of the assessee. The relevant portion of the Tribunal s order is exhibited at page-3 4 of CIT(A) s order, based on which the Ld. CIT(A) has confirmed the penalty. We, therefore, do not find any error or infirmity in the findings of the Ld. CIT(A). Order of the Ld. CIT(A) is confirmed. 7. In the result, the appeal filed by the assessee is dismissed. Order pronounced in the open court on 1st September, 2015 - - TaxTMI - TMITax - Income Ta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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