9911796707
TMI Blog2023 (4) TMI 318X X X X Extracts X X X X X X X X Extracts X X X X ..... on petitioner is an assessee on the rolls of the Assistant Commissioner, Special Circle III, Ernakulam. In the assessment under the Value Added Tax Act for the assessment year 2011-2012 the assessing authority noted that the petitioner had conceded a closing stock of Rs.2,67,94,845/- and that the said value was arrived at after deducting the value of battery and spare parts amounting to Rs.13,99,851/- and engine oil worth Rs,8,43,141/-. The deduction was on the ground that the said amounts represented damaged and obsolete/ unsaleable goods from previous assessment years. The assessing authority disbelieved the said contention of the assessee and the said amount was also brought to tax after adding gross profit at the rate of 12.8%. The appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as regards old stock/obsolete stock/damage stock. In order to verify the authenticity of the said reconciliation statement and the correctness of it, we deem it appropriate to direct the petitioner to produce the said statement together with the supporting records before the Assessing Authority, Special Circle-III, Ernakulam, on 20.03.2023. The said Assessing Authority shall after going through the reconciliation statement produced by the petitioner, submit a report before us as regards the reliability of the said statement for the purposes of completing the assessment against the petitioner. The report shall reach this Court by 28.03.2023. Post on 30.03.2023" 5. Pursuant to the aforesaid order, the assessing authority has filed a report, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... authority, and which were found as acceptable by the assessing authority, for the limited purposes of passing a revised assessment order. We make it clear that mere fact that the petitioner had failed to produce those documents along with the audit reports, audited Balance Sheet and audited Profit and Loss Account for the year ended 31.03.2012 shall not be a reason for denying the benefit of the deduction to the petitioner - assessee. The assessing authority shall pass fresh orders within a period of one month from the date of receipt of a copy of this judgment and to enable the assessing authority to do so the petitioner shall appear before the assessing authority on 17.04.2023.
The OT Revision is disposed as above. X X X X Extracts X X X X X X X X Extracts X X X X
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