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TMI Blog2019 (10) TMI 510X X X X Extracts X X X X X X X X Extracts X X X X ..... e addition of ₹ 16,80,000/- as made in respect of the excess stock. However, the addition in respect of net profit @ 2% is sustained on this addition - appeal allowed in part. - ITA No.2177/Ahd/2014 (Assessment Year: 2008-09) - - - Dated:- 17-9-2019 - SHRI KUL BHARAT, JUDICIAL MEMBER Appellant by S/Shri M.K. Patel And Shri Anil R. Sheikh, A.Rs Respondent by Shri N.K. Goel, Sr. D.R. ORDER PER KUL BHARAT, J.M: This appeal by the assessee is directed against order of the CIT(A)-V, Baroda dated 7.5.2014 pertaining to the assessment year 2008-09. The assessee has raised following grounds of appeal: 1. The CIT(A) has erred bo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Act was framed vide order dated 20.12.2010. It is observed by the assessing officer that a survey operation was carried out on 27.2.2008 at the business premises of the assessee. During the course of survey, an unaccounted/unexplained cash of ₹ 3,55,000/- and unaccounted/unexplained excess stock of ₹ 16,85,000/- was found. During the course of survey proceedings, a statement on oath u/s 133A of the Act was recorded, wherein the assessee admitted the discrepancy of cash and stock. The A.O. made addition in respect of the excess stock of ₹ 16,80,000/-. Aggrieved against this action of the A.O., the assessee preferred an appeal before Ld. CIT(A), who after considering the submissions dismissed the appeal and sustained a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he time of survey, such stock remained to be unrecorded, which was in fact recorded in the stock register after reconciling the available evidences. Therefore, he submitted that under the facts of the present case, the addition was not warranted. 3. Per contra, Ld. D.R. Shri N.K. Goel opposed the submissions and supported the orders of the authorities below. Ld. Counsel submitted that it was incumbent upon the assessee to reconcile the stock and prove with material evidences which the assessee failed to do during the course of survey. He submitted that the entire submission of the assessee is after thought. The assessee should have stated in the statement about the source of purchases. It was further submitted that it is man ..... X X X X Extracts X X X X X X X X Extracts X X X X
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