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TMI Blog2024 (10) TMI 365X X X X Extracts X X X X X X X X Extracts X X X X ..... ve stock was not clear. The record produced showed that evidence was part of the account books furnished in support of the assessee's contention and the evidence had also been filed before the first Appellate Authority. Accordingly, it was held that it was not justified for rejecting the accounts simply because the names of the buyers were not mentioned in the bills of cash sales and it would not go to disbelieve the books of accounts since the assessee was trading in gold bullion. The day-to-day rates would have also been ascertainable from the rates declared by National market, Sarrafa Bazaars etc. Resultantly, a finding was recorded that the Assessing Officer was not justified in rejecting the book version of the assessee and to appl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n duly supported by affidavit. 2. Delay of 10 days in filing the appeal is condoned. 3. CM stands disposed of. ITA-35-2020 (O M) 4. The present appeal has been filed under Section 260A of the Income Tax Act, 1961 (in short 'the Act') against the order of the Income Tax Appellate Tribunal, Delhi Bench 'F' New Delhi passed in ITA-3031/Del/2016 dated 22.05.2019 (Annexure A-III) for the assessment year 2011-12. The Tribunal has upheld the order and dismissed the appeal of the Revenue which had been preferred against the order of the Commissioner of Income Tax, Rohtak dated 21.03.2016 (Annexure A-II). 5. The following substantial questions of law as such are sought to be raised in the present appeal:- 1. Whether the Ld. ITAT is r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not being available in the books of accounts submitted during the assessment proceedings and the explanation offered by the assessee for the occurrences of negative stock cannot be considered as satisfactory. 7. In the order dated 21.03.2016 passed by the Commissioner (Appeals) (Annexure A-II), it was noticed that the appellant had produced the stock register duly maintained and proper verification of all sales and purchases, stock tally, stock register as well as the delivery challans was done. It was noticed that the assessee had shown in its submissions that the GP rate had registered an increase as compared with the previous year and the mistake in the purchase details for December had been reconciled by showing that the purchases of 31 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (Annexure A-III), has also examined the record and it was noticed that the assessee had produced stock statement where no negative stock had been shown and, therefore, it was concluded that how the Assessing Officer had noted that the negative stock was not clear. The record produced showed that evidence was part of the account books furnished in support of the assessee's contention and the evidence had also been filed before the first Appellate Authority. Accordingly, it was held that it was not justified for rejecting the accounts simply because the names of the buyers were not mentioned in the bills of cash sales and it would not go to disbelieve the books of accounts since the assessee was trading in gold bullion. The day-to-day rat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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