9911796707
TMI Blog2022 (5) TMI 1623X X X X Extracts X X X X X X X X Extracts X X X X ..... ess stock, despite this fact the assessee offered only Rs.66,88,110/- and has not included the difference of Rs.13,57,865/-- in the return of income filed by the assessee. Merely, offering the declared gold and silver ornaments in survey proceedings in subsequent A.Ys. cannot held that there was no excess stock/unaccounted stock available during the A.Y. 2015-16. The documents shown at the time of hearing by the assessee has not given the bifurcation as to how much was the quantity sold on the particular period related to gold ornaments and silver ornaments which shows that the assessee was deliberately following unaccounted stock and when survey conducted the same was admitted by the assessee. There is finding of the Assessing Officer that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the basis of the CBDT s guidelines wherein survey proceedings under Section 133A of the Income Tax Act, 1961 had been carried out at the business premises of the assessee during the relevant A.Y. The survey action was carried out at the business premises on 12.12.2017 during which excess stock of gold ornaments were found. On confrontation with regard to the excess stock of gold ornaments found weighing 2773.478 grams and silver ornaments weighing 12996.72 grams, the assessee admitted in his statement recorded on oath the value of such excess stock of Rs.80,45,975/- has been derived by adopting the rate on the date of survey. However, the Assessing Officer observed that the assessee had offered Rs.66,88,110/- and thus failed to include Rs.1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... there is reduction in value of stock by Rs.1,29,133/- ( i.e. 2773.478 gram x (Rs.2730 per gram and Rs.2683.44 per gram). Thus, the Ld. A.R. submitted that the assessee has already mentioned the closing stock of gold as 2773.478 grams which was declared quantity-wise in survey at Rs.74,42,462/- as on 31.03.2015. The Ld. A.R. pointed out that stocks which were unsold in A.Y. 2015-16 were sold in the subsequent years and the copy of the sale register for A.Y. 2016-17 and 2017-18 were presented before the authorities. The assessee has pointed out the day-wise inventory register of gold. Therefore, the profit of the unsold stock as on 31.03.2017 was realized in the next year as per contentions of the Ld. A.R. The Ld. A.R. further submitted that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gold and silver. The partner of the assessee-firm admitted the amount of Rs.80,44,975/- and accordingly it has made payment of advance tax by reducing the income in the return than disclosure, the assessee has received back the excess payment of tax by way of refund. Other partners also gave their consent in writing in the statement recorded on oath under Section 131 of the Act of Shri Mahendra Patel in which the excess stock has been admitted by him as undisclosed additional income of the assessee for the year under consideration. The assessee has accepted the valuation done by registered valuer and in token of understanding has signed on the documents. The Ld. D.R. further submitted that the CIT(A) has rightly observed that the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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