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TMI Blog2020 (4) TMI 231X X X X Extracts X X X X X X X X Extracts X X X X ..... e brought on record by the assessee in the form of relevant bills to support and substantiate his stand that the stock of finished goods was valued by the survey team at selling price and not at cost - no merit in the contention raised by the assessee on this issue and rejecting the same, we uphold the impugned order of the ld. CIT(Appeals) confirming the addition made by the Assessing Officer on account of excess stock found during the course of survey. Grounds No. 2 3 of the assessee s appeal are accordingly dismissed. Addition on account of the estimated profit from the sale of excess stock presumed to have been made by the assessee - AO presumed that the excess stock found during the course of survey must have been sold by the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... exclusively incurred for the purpose of business. We accordingly uphold the impugned order of the ld. CIT(Appeals) confirming the disallowance made by the Assessing Officer out of telephone expenses and dismiss Ground of the assessee s appeal . - I.T.A. No. 2189/KOL/2018 (Assessment Year: 2007-2008) - - - Dated:- 18-3-2020 - Shri P.M. Jagtap, Vice-President And Shri A.T. Varkey, Judicial Member Shri Anil Kochar, Advocate, for the Appellant Shri Dhrubojyoti Roy, JCIT, for the Respondent ORDER Per Shri P.M. Jagtap, Vice-President: This appeal filed by the assessee is directed against the order of ld. Commissioner of Income Tax (Appeals)-5, Kolkata dated 09.08.2018. 2. Ground No. 1 raised by the assessee i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7; 18,27,346/- found during the course of survey. The Assessing Officer, therefore, added the said amount to the total income of the assessee in the assessment completed under section 143(3) of the Act vide his order dated 30.12.2009. 5. The addition made by the Assessing Officer on account of the alleged excess stock found during the course of survey was challenged by the assessee in the appeal filed before the ld. CIT(Appeals) and since the submission made on behalf of the assessee in support of his case on this issue was not found acceptable by the ld. CIT(Appeals), he confirmed the addition made by the Assessing Officer for the following reasons given in his impugned order:- I have considered the submission of the appellant and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd rejected by giving cogent and convincing reasons. The ld. Counsel for the assessee has also contended that the stock of finished goods was valued by the survey team at selling price and not at cost. In this regard, he has invited our attention to the list of finished goods prepared by the survey team (copy at page no. 32 of the paper book) and submitted that the Assessing Officer may be directed to verify the stand of the assessee. It is, however, observed that no such stand was taken by the assessee either before the Assessing Officer during the course of assessment proceedings or even before the ld. CIT(Appeals) during the course of appellate proceedings. There is also no evidence brought on record by the assessee in the form of releva ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tly submitted by the ld. Counsel for the assessee, the excess stock found during the course of survey having been added to the total income of the assessee as unexplained investment, the same became part of the stock of the assessee as incorporated in his books of account and in the absence of any evidence to show that it was sold by the assessee outside the books of account generating any undisclosed prof it to the assessee, the addition of ₹ 2,01,008/- made by the Assessing Officer was purely based on assumptions and surmises and the ld. CIT(Appeals) was not justified in confirming the same. We, therefore, delete the said addition made by the Assessing Officer and confirmed by the ld. CIT(Appeals) and al low Ground No. 4 of the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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