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TMI Blog2022 (6) TMI 1105X X X X Extracts X X X X X X X X Extracts X X X X ..... those documents which means that the Assessing Officer cannot ignore the unaccounted expenses resulting into net losses in the captioned Assessment Years. Coming to the facts of the case in hand, we find that the additions made by the Assessing Officer are based upon the unaccounted sales found recorded in the hard disk. CIT(A) has restricted the additions to the extent of entries found to be not recorded in the books based upon the decision of Kabul Chawla [ 2015 (9) TMI 80 - DELHI HIGH COURT] - Since the additions sustained by the ld. CIT(A) are based upon the facts found at the time of search, we do not find any error or infirmity in the findings of the ld. CIT(A). Additions on account of undisclosed investment in stock is totally ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iefly stated, the facts of the case are that a search and seizure operation u/s 132 of the Income-tax Act, 1961 [hereinafter referred to as 'The Act'] was carried out on 22.12.2014 in the case of G.D. Foods group of cases. The case of the assessee was also covered in the search. 7. During the course of search carried out at different premises located in India in G.D. Foods, documents and data storage etc., belonging to the assessee company were found and seized. One of the hard disks seized contained data of Bakers-Bawana and cash sales made by the assessee for Assessment Years 2012-13, 2013-14 and 2014-15. The data was compiled by the Assessing Officer and compilation is exhibited at pages 2 to 15 of the assessment order, from w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Assessing Officer was justified in calculating the figures of unaccounted sales. However, at the same time, the ld. CIT(A) was of the firm belief that as per the documents found and seized, unaccounted sale was Rs. 5,49,447/- in Assessment Year 2013-14, Rs. 1,92,307/- in Assessment Year 2014-15 and Rs. 9,24,189/- in Assessment Year 2015-16. 13. Drawing support from the decision of the Hon'ble Delhi High Court in the case of CIT Vs. Kabul Chawla 61 Taxmann.com 412, the ld. CIT(A) restricted the addition made by the Assessing Officer on account of g.p. on unaccounted sales found in the seized documents. Accordingly, addition was restricted to Rs. 4,44,640/- in Assessment Year 2013-14, Rs. 33,14,181/- in Assessment Year 2014-15 and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g into net losses in the captioned Assessment Years. 18. Coming to the facts of the case in hand, we find that the additions made by the Assessing Officer are based upon the unaccounted sales found recorded in the hard disk. The ld. CIT(A) has restricted the additions to the extent of entries found to be not recorded in the books based upon the decision of the Hon'ble High Court of Delhi in the case of Kabul Chawla [supra]. Since the additions sustained by the ld. CIT(A) are based upon the facts found at the time of search, we do not find any error or infirmity in the findings of the ld. CIT(A). 19. Moreover, the additions on account of undisclosed investment in stock is totally presumptuous and is based upon surmises and presumpt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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