9911796707
TMI Blog2023 (12) TMI 627X X X X Extracts X X X X X X X X Extracts X X X X ..... but the assessee failed to file the same. The purpose and purport of tax- audit report is to assist the authorities to compute correct tax liabilities in framing assessment. The tax-audit report is certified by qualified Chartered Accountant, and if any discrepancies are found in the tax-audit report, it is incumbent on the assessee to obtain and file Revised Tax-Audit Report. AO also asked assessee to file documents for preceding years, which the assessee did not file. We have observed that the assessee has filed voluminous paper book containing 688 pages, and the claim made by the assessee requires verification by the authorities below. Thus, it will be appropriate, if the matter is restored to the file of the AO for consideration of the claim of the assessee afresh and frame denovo assessment. The assessee is directed to co-operate with AO and file all necessary and relevant details called for by the AO during set aside/remand assessment proceedings - AO shall give proper opportunity of being heard to the assessee in accordance with principles of natural justice in accordance with law. Estimating profit @ 0.15% being the difference of STR report and turnover wherein the S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,000/- Silver Buillion 1,62,62,520/- 1,46,53,537/- 16,08,983/- Total 81,08,74,520/- 1,46,53,537/- 79,62,20,983/- (Addition Rs. 79,62,20,983/-) 3.2. Similarly on verification of the audited balance sheet, a total balance of Rs. 1,48,74,967/- is shown as the total balance in various bank accounts. However, as per STR report received by the Assessing Officer, two bank accounts with Axis Bank in the name of the assessee, wherein total transactions/turnover/credits has been reported at Rs. 221,68,06,386/-. The assessee neither filed copy of the bank statements nor filed explanation of difference between turnover reported in STR and turnover shown in audited books of accounts. Thus the Assessing Officer treated the books of accounts as not reliable. On further verification, the assessee filed GST return, wherein turnover of Rs. 165,68,81,352/- has been shown. However the assessee has neither filed copy of the bank statements nor filed any explanation of difference between turnover ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th requisite documentary evidence, the ground of appeal is dismissed. 5. Aggrieved against the same, the assessee is in appeal before us raising the following Grounds of Appeal: 1. The order passed by the Ld. CIT (A) is against law, equity justice and without considering submission made by the appellant. 2. The Ld. CIT (A) has grievously erred in law and or on facts in upholding addition of Rs. 79,62,20,983/- made by the Ld. A.O. invoking section 69B of the Act for transactions recorded in books of accounts. 3. The Ld. CIT(A) has grievously erred in law and in facts in upholding addition of Rs. 8,39,888/- made by the Ld. A.O. by estimating profit @ 0.15% of Rs. 55,99,25,034/-. 4. The appellant Craves liberty to add, amends, alter or modify all or any grounds of appeal before final appeal. 6. Ld. Counsel Shri Hem Chhajed appearing for the assessee submitted before us a detailed Paper Book running to 688 pages which contains the Income Tax Return with Tax Audit Report for the present Assessment Year 2018-19 and that of the earlier Assessment Year 2017-18. Copy of stock register, purchase and sales register, Copy of GSTR 9, GSTR 9C and GSTR 3B and Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... el for the assessee before us that there is a mistake in the Audit Report in Form 3CD filed by the Auditors. Based on the same, the Assessing Officer valued the stock, on market value and added the difference in valuing of Rs. 79,62,20,983/- as unexplained income u/s. 69B of the Act. It is further claimed by ld. Counsel for the assessee before us that the Assessing Officer failed to appreciate the quantitative details enumerated in Audit Report in Form 3CD. However, the Assessing Officer ought to have considered the data filed by the assessee before GST Authorities namely the monthly return in Form 3B and Annual return in Form 9 and 9C. It is claimed that the Assessing Officer failed to appreciate that the valuation of the stock has a cascading effect, the assessee will get higher value on carry forward of stock as opening stock in the succeeding year. Thus, it is claimed that the addition made by the A.O. of Rs. 79.62 crores is against the provisions of law. We have observed that the tax-audit report filed by the assessee does not carry the details of purchases as well sale of Gold and Silver. The assessee was asked by the authorities below to file revised tax-audit report, but th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
