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TMI Blog2020 (12) TMI 461X X X X Extracts X X X X X X X X Extracts X X X X ..... the business of trading in Batteries in the name of M/s. Samarth and selling of bricks in the name of M/s. Nirmal Concrete product. A survey u/s. 133A of the Income-tax Act, 1961 (hereinafter referred to as 'the Act') was carried out in the premises of the assessee on 03-04-2012. During the course of survey, stock lying in the factory premises of M/s. Nirmala Concrete Products was physically verified and valued at Rs. 25,23,842/-. Since the closing stock as disclosed by the assessee as on 31-03-2010 in the last return of income filed for A.Y. 2010-11 was only Rs. 1,65,754/-, the assessee was required to explain the increase in closing stock from Rs. 1,65,754/- to Rs. 25,23,842/-. In this regard, it was explained by the assessee that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f assessee and proceeded to make an addition of Rs. 15,48,088/- on account of unexplained excess stock allegedly found during the course of survey, in the assessment completed u/s.143(3) of the Act vide an order dated 29-01-2014. 3. Against the order passed u/s. 143(3) of the Act, an appeal was preferred by the assessee before the ld. CIT(A) and a detailed submission was made on behalf of the assessee in support of his case that addition of Rs. 15,48,088/- made by the Assessing Officer on account of alleged excess stock found during the course of survey was not sustainable. The ld. CIT(A) however, did not find merit in the same and proceeded to confirm the addition made by the Assessing Officer on this issue for the following reasons given ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... will prove that the appellant has taken into account the excess stock while estimating the net profit at Rs. 12,19,529/-. Further, the appellant during the survey proceedings, willfully admitted that the' excess stock of Rs. 15,48,088/- belongs to him, after carefully verification of inventory made by the AO. Further, the appellant has not brought on record any concrete evidence to support that the excess stock was already taken into account while disclosing the Net Profit. Further, the contention of the appellant of double taxation is not accepted in view of the above stated facts. The case laws on which the reliance was placed by the appellant differs from the facts in the present case. In view of the above detailed d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the statement made by him during the course of survey surrendering the excess stock allegedly found as his additional income. In this regard, ld. counsel for the assessee has submitted that even though the books of account of his proprietary concern M/s. Nirmala Concrete Products were not regularly maintained by the assessee as found during the course of survey, books of account of the said concern for the two years i.e. A.Ys. 2011-12 and 2012-13 were prepared by the assessee and in the Trading and Profit & Loss Account prepared for A.Y. 2012-13, a closing stock of Rs. 15,55,000/- as on 31-03-2012 was duly reflected (copy placed at page 29 of paper book). He has contended that since the books of account so prepared by the assessee were not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n this regard, it is observed that although the assessee did not regularly maintain the books of account for the said two years as found during the course of survey, he has prepared such accounts subsequently as submitted by the ld. counsel for the assessee. Since no specific finding has been recorded by the Assessing Officer on verification of the said books of account, the ld. DR has submitted that the matter may be sent back to the Assessing Officer for such verification which is relevant to decide the issue involved in the present case relating to the excess stock allegedly found during the course of survey. Even the ld. counsel for the assessee has not raised any objection for sending the matter back to the Assessing Officer for such v ..... X X X X Extracts X X X X X X X X Extracts X X X X
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