9911796707
TMI Blog2020 (7) TMI 284X X X X Extracts X X X X X X X X Extracts X X X X ..... have deleted the entire addition of Rs. 1,30,26,864.00 made by the learned A.O. treating the same as undisclosed stock instead of reducing it to Rs. 47,19,960.00. The findings given by the learned C.I.T.(A) being perverse and contrary to the facts on record, consequential addition sustained by him needs to be deleted in the interest of justice. 3. For that, when the closing stock as alleged by the learned A.O. do not belong to the Assessment year 2013-14, the learned C.I.T.(A) should have deleted the entire addition instead of reducing it to Rs. 47,19,960.00 in the interest of justice. 4. For that, when the Appellant produced Books of Account for the impugned Assessment year and previous Assessment year and the closing stock of previou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year 2013- 2014 to the tune of Rs. 1,30,26,864/- under the head "stock discrepancy" after observing as under :- "However, the assessee firm distracted from his commitment and did not pay any self- assessment tax on undisclosed income of Rs. 1,30,26,864/- rather the assessee paid total advance tax of Rs. 4,00,000/- (Rs. 1,50,000/- on 08.05.2012, Rs. 1,50,000/- on 14.05.2012 & Rs. 1,00,000/- on 30.04.2012) for the assessment year 2013-14 instead of self-assessment tax for the A/Y 2012-13. As the assessee has distracted from his commitment to pay the S.A. tax for the F/Y 2011-12, and the survey was conducted during the financial year 2012-13, therefore the stock discrepancies was considered for the assessment year 2013-14. During the cours ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ower authorities. Ld. AR also stated that the stock discrepancy noted by the survey team relates to the financial year 2011-2012 and he was agreed to pay tax during the course of survey and he also stated that the AO completed the assessment for the assessment year 2012-2013 on23.03.2015 but the AO did not make any addition in the assessment year 2012-2013. He added in the next financial year 2012-2013 i.e. the year of survey only for non-payment of committed self assessment tax of Rs. 40 lakhs in the financial year 2011-2012. Ld. AR also agitated to the enhancement notice made by the CIT(A). Further the ld. AR submitted that the assessee was maintaining regularly stock register which were sent to the Chartered Accountant for the preparati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce u/s.251(2) of the Act and reduced the addition made by the AO. It is important to reproduce the statement of partner Shri Laxmi Narayan Rana at question No.6 and answer given by the partner of the firm which reads as under :- Q.6 During the course of survey operation u/s 133A of the I.T. Act, 1961 today in the business premises i.e. Motiganj, Balasore, physical stock of gold ornaments and silver has been taken as per annexure-B. The details of which are given as under: 1. Gold 4517.500 grams 2. Silver (coins) 182.69 grams 3. Stones (1000 No.) value at Rs. 20,000/- However, during the course of survey no stock register was found in the business premises of the firm. How do you explain the stock discrepancy of gold, silv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly for the assessment year-2012-13. Further the statement of Shri Deepak Kumar Rana is as under :- Q.31 Do you want to disclose anything? Ans. Since one of our partner Sri Laxmi Narayan Rana has already disclosed unexplained income of Rs. 1,30,26,864/-, I am also agreed with the statement of Sri Laxmi Narayan Rana. I also undertake to pay self assessment tax liability on the above undisclosed income of Rs. 1,30,26,864/- in four installments @10,00,000/- on 27-4-2012 and Rs. 10 lakhs each on 01-5-12, 17-5-12 & 31-5-12 respectively for the Asstt. Year 2012-13 on account of firm M/s Laxmi Narayan Jewellery. Q.32 Do you want to say anything else? Ans. As stated earlier, I hereby disclose unaccounted income of the firm at Rs. 1,30,26,86 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f survey in the statement proceedings, the assessee had accepted for income of the assessment year 2012-2013. 9. We observe from the order passed u/s.143(3) of the assessment year 2012-2013, there is no any single word found in regard to survey proceedings u/s.133A of the Act, whereas the documents were available with the same AO i.e. Ward-2(2), Balasore and the assessee accepted some discrepancy in stock and agreed to pay tax thereon. Further we observe from the order of CIT(A) that the ld. CIT(A) after taking into account of the two branches, enhanced/modified the assessment made by the AO but has given substantial relief after considering all the submissions and documents available before him. We have also gone through the statements ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
