9911796707
TMI Blog2024 (4) TMI 128X X X X Extracts X X X X X X X X Extracts X X X X ..... oduced before him. We find that the profit and loss account has been made for the period 01.04.2011 to 13.12.2011 which is the date of survey. Assessment has been made and income has been declared for the F.Y. 01.04.201 to 31.03.2012 wherein the gross profit is shown at Rs. 2,68,36,334/-. Addition on account of gross profit amounts to double addition as gross profit of the assessee as per books of account included gross profit of alleged sales outside the books. Thus addition on account of alleged unaccounted sales has been deleted by the ld. CIT(A) and as mentioned above, gross profit as on 31.03.2012 includes the profit on the alleged unaccounted sales. We do not find any merit in the addition - We accordingly, direct the Assessing Office ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t on record duly considered in light of Rule 18(6) of the ITAT Rules. 4. Briefly stated, the facts of the case are that the assessee is engaged in the business of export of paper bags, jute bags etc. The assessee electronically filed his Return of Income on 29.09.2012 declaring an income of Rs. 47,60,740/-. Return was selected for scrutiny assessment through CASS and accordingly, statutory notices were issued and served upon the assessee. 5. A survey operation u/s 133A of the Income-tax Act, 1961 [the Act, for short] was conducted in the premises of the assessee on 13.12.2011. Physical stock was taken by survey team. Total stock was valued at Rs. 1,03,85,849/- which was raw material Rs. 70,39.099/- and finished goods and work in progress Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unted sales has been deleted by the ld. CIT(A), and since the Revenue is not in appeal, therefore, that issue has attained finality. 10. The ld. counsel for the assessee further stated that addition on account of gross profit amounts to double addition as gross profit of the assessee as per books of account included gross profit of alleged sales outside the books. 11. Per contra, the ld. DR strongly supported the findings of the Assessing Officer and read the operative part. 12. We have given thoughtful consideration to the orders of the authorities below. There is no dispute that during the assessment proceedings, the Assessing Officer has examined the books of account which were produced before him. 13. We have carefully gone through the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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