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TMI Blog2023 (2) TMI 865X X X X Extracts X X X X X X X X Extracts X X X X ..... a. Thus, we find that the learned Tribunal rightly took note of the facts and refused to interfere with the order passed by the CIT(A) which had granted partial relief to the assessee and in the absence of any error or perversity in the order passed by the Tribunal, we are not inclined to interfere with the same. Accordingly, the substantial question of law no.1 is answered against the assessee. Estimating the profit on excess stock on the basis of Khata itself - HELD THAT:- Tribunal, on going through the entire facts, held that the assessee did not produce any material to substantiate their submission and rebut the findings recorded by the AO which was affirmed by the CIT(A). Therefore, in absence of any evidence produced by the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mr. Ramendra Nath Biswas, Adv. Mr. Avra mazumdar, Adv. Mr. Suman Bhowmick, Adv. Mr. Samrat Das, Adv. for the appellant Mr. Soumen Bhattacharyya, Adv. for the respondent ORDER The Court : This appeal filed by the assessee under Section 260A of the Income Tax Act, 1961 (the Act for brevity) is directed against the order dated 30th June, 2009 passed by the Income Tax Appellate Tribunal, C Bench, Kolkata (the Tribunal) in ITA No.151/Kol/2008 for the assessment year 1995-96. The appeal was admitted on 23rd March, 2010 on the following substantial questions of law: (i) Whether on the facts and in the circumstances of the case the addition of Rs.3,10,374/- under the heading Trading Account being the estimated profit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ptember, 1994 under Section 133A of the Act. During the course of such survey, stock of inventories was taken in the presence of the assessee-firm and it was found to be of the value of Rs.66,11,036/-. The contention of the assessee was that the goods found in the said shop do not exclusively belong to the assessee but also in respect of other firms which were situated in the other floors of the same building. The survey team found that there was no separate sale counter found in the other floors of the building and the assessee could not show any separate trade licence, sale memo, purchase memo, books of account etc. in the individual name of the three other persons. During the course of assessment, the assessee filed a list of total stock ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ispute that the assessee was dealing in clothes and hosiery wherein stock has been inventorised by the survey team in the presence of the partners of the assessee and the same was valued at Rs.66,11,036/- which was in excess of what was entered in the books of accounts. Thus, in the absence of any explanation given by the assessee either before the Assessing Officer or before the CIT(A) or before the Tribunal, the Tribunal rejected the plea. Thus, we find that the learned Tribunal rightly took note of the facts and refused to interfere with the order passed by the CIT(A) which had granted partial relief to the assessee and in the absence of any error or perversity in the order passed by the Tribunal, we are not inclined to interfere with th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aterial to substantiate their submission and rebut the findings recorded by the Assessing Officer which was affirmed by the CIT(A). Therefore, in absence of any evidence produced by the assessee, the addition was sustained. We find that there is no error in the approach of the Tribunal which had taken note of the facts, more particularly, that the assessee failed to discharge the burden cast upon him but producing evidence. For such reason, the substantial question of law no.2 is answered against the assessee. So far as substantial question of law no.3 is concerned, this also pertains to sums of money paid to the different parties by the assessee-firm during the aforementioned period and the payments were not found recorded in the books ..... X X X X Extracts X X X X X X X X Extracts X X X X
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