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TMI Blog2021 (9) TMI 533X X X X Extracts X X X X X X X X Extracts X X X X ..... o the reason that after receiving the impugned order of the CIT (Appeals) on 16.12.2019, the complete file was misplaced in the Chamber of the counsel of the assessee as some renovation was going on. The file was traced out only on 11th Feb, 2021 and thereafter this appeal was filed without any delay in the affidavit, the Ld. Counsel has stated that the assessee's file got misplaced in a Chamber due to the renovation was going on in the office. The file was later on traced out as it was mistakenly taken by another client from Lucknow, which was returned to the counsel of the assessee only on 11 Feb, 2021. Thus, Ld. AR of the assessee has reiterated the reasons as explained in the application for condensation of the delay as well as affi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... overed by the decision of Hon'ble Supreme Court, thereby the limitations for filing the suits, appeals, petitions etc. were extended by excluding the pandemic period from March, 2021 to May, 2021. Therefore, in the facts and circumstances of the case where the most of the delay period is covered by the Covid-19 pandemic period, the delay of 364 days in filing the present appeal is condoned. The assessee has raised the following grounds in this appeal; 1. Because on the facts and circumstances of the case the authority below is not justified in adding total stock difference Rs. 6,15,038/- as the income of the appellant. 2. Because the order passed by the authority below is unjust. 5. The solitary ground raised by the assessee in thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be added to the total income of the assessee. Thus, he has submitted that the addition made by the Assessing Officer is arbitrary and unjustified and the same is liable to be deleted. 7. On the other hand, the Ld. DR has submitted that the Assessing Officer has explained the fact that what was sent for the Polish Centre was the Silver Coins and not the Ornaments or other Silver Wares. Therefore, the Assessing Officer has made the addition of the entire difference of 8 Kg. 0.495 gm. Silver of the rate which was prevailing in the month of August, 2013 just prior to the survey conducted under Section 133A. He has relied upon the orders of the authority is below. 8. I have considered the rival submissions as well as relevant material on recor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cer has made the entire sale proceeds as addition to the income of the assessee which is not justified. Further the sale price adopted by the Assessing Officer is also not based on the actual prevailing price which ought to have been taken as an average sale price of the recorded sales of the assessee. Accordingly the Assessing Officer is directed to restrict the addition on account of out of books sales only to the extent of profit element i.e. Gross Profit that to by considering the average sale price as assertable from the sales recorded by the assessee.
9. In the result, the appeal of the assessee is partly allowed.
Order pronounced in the open Court on 06.09.2021 through video conferencing. X X X X Extracts X X X X X X X X Extracts X X X X
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