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TMI Blog2020 (11) TMI 859X X X X Extracts X X X X X X X X Extracts X X X X ..... ld. CIT (Appeals) has erred in deleting the disallowance of Rs. 6,09,43,809/- made by the Assessing Officer on account of difference in opening stock outside the books of accounts. 2. The ld. CIT (Appeals) erred in law in admitting additional evidence under Rule 46A without giving an opportunity to the Assessing Officer. 3. The appellant craves leave for reserving the right to amnd, modify, alter, add or forego any ground(s) of appeal at any time before or during the hearing of this appeal. " 3. The assessee company was engaged in the business of manufacturing of sponge iron and steel products and has two divisions i.e. sponge iron and power division in Raigarh and rolling division in Satharia. Original return of income was filed on 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unts. The Assessing Officer also disallowed deduction under Section 80IB of the Act to the extent of Rs. 7,09,944/-. 4. Being aggrieved by the assessment order the assessee filed appeal before the CIT (Appeals) and the CIT (Appeals) partly allowed the appeal of the assessee. 5. The Ld. DR submitted that the CIT (Appeals) erred in deleting the disallowance of Rs. 6,09,43,809/- made by the Assessing Officer on account of difference in opening stock outside the books of accounts. The Ld. DR submitted that the assessee company asked to furnish the details of deduction claimed under Section 80IB of the Act and also show cause as to why the excess deduction made not be disallowed as the assessee did not furnish any justification for claiming e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the time of appellate proceedings before the CIT (Appeals). There is a clear finding by the CIT (Appeals) that in the balance sheet of the assessee company as on 31.03.2011 an amount of Rs. 18,85,46,088/- was shown as receivable from M/s. Abhinav Steels Limited. The transfer of inventory of Rs. 6,09,43,809/- was duly recorded in its books of accounts and thus the same cannot be regarded as the stock sold outside the books of accounts. These documents were very well available before the Assessing Officer as well. In the financial statements of the assessee, all these calculations and the inventory specifications were given which was placed before the CIT (Appeals). Since the demerger has taken place on book value, therefore, there is no ca ..... X X X X Extracts X X X X X X X X Extracts X X X X
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