9911796707
TMI Blog2020 (11) TMI 859X X X X Extracts X X X X X X X X Extracts X X X X ..... 77; 18,85,46,088/- was shown as receivable from M/s. Abhinav Steels Limited. The transfer of inventory of ₹ 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 capital gain/loss as per the provisions of the Income Tax Act. Thus, there is no need to interfere with the finding of the CIT (Appeals). Hence, appeal of the Revenue is dismissed. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and returned income was accepted by the Assessing Officer. Later on the Assessing Officer re-opened the assessment based on the observation that there is a difference in opening stock as on 1.04.2010 and closing stock as on 31.03.2010 of ₹ 5,17,61,021/-. The Assessing Officer observed that excess deduction of ₹ 7,08,845/- under Section 80IB of the Act was claimed by the assessee in its return of income. Accordingly reasons were recorded and notice under Section 148 of the Act was issued on 11.08.2015 to the assessee. Assessee filed its return of income in compliance to notice under Section 148 of the Act and the copy of reasons recorded was supplied by the Assessing Officer to the assessee. The assessee filed its objections w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer rightly disallowed the claim of the assessee. The CIT (Appeals) erred in law in admitting additional evidence under Rule 46A without giving an opportunity to the Assessing Officer. 6. The Ld. AR submitted that the CIT (Appeals) has rightly deleted the addition as there was a demerger and, therefore, assets transferred of ₹ 39,28,60,136/- included the value of inventory amounting to ₹ 6,09,43,809/- transferred to M/s. Abhinav Steels Limited. The same was fully disclosed by the assessee in its notes to accounts to its financial statements. 7. We have heard both the parties and perused all the relevant material available on record. During the hearing the Ld. AR submitted that application under Rule 26 filed by the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
