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TMI Blog2024 (10) TMI 749X X X X Extracts X X X X X X X X Extracts X X X X ..... sing stock shown by the assessee was utilised for making unaccounted sale, meaning thereby that no actual closing stock was available. The profit declared by the assessee for Assessment Year 2009-10 includes the closing stock of the said amount but no set-off has been provided by treating the same at the nil value and therefore, the Tribunal held that the closing stock of Assessment Year 2009-10 is required to be treated as opening stock and could not have been disallowed by the Assessing Officer as well as by CIT(A). We are in agreement with the aforesaid findings arrived at by the Tribunal and accordingly, no substantial questions of law can be said to be arising from the impugned order of the Tribunal. - HONOURABLE MR. JUSTICE BHARGAV ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 02,93,12,514/- on account of Section 69C of the Act. 2.2 Being aggrieved by the said order, appeal was preferred before CIT(A). The CIT(A), vide order dated 28th December, 2015, dismissed the appeal of the assessee. 2.3 In the Appeal against the said order, the Tribunal vide order dated 31st August, 2022 allowed the same and deleted the addition of Rs. 02,93,12,514/- on account of Section 69C of the Act. 3. Assessing Officer and CIT(A) disallowed the opening stock of Rs. 02,93,12,514/- on the ground that in the order for Assessment Year 2009-10, the transaction of the appellant with KFIL was not verifiable and only closing stock was reflected in the books of accounts where it had actually been sold outside the books. It was, therefore, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... und that the closing stock of Rs. 2,93,12,514/- shown by the assessee was utilized for making unaccounted sale meaning thereby no actual closing stock available. Thus, it means that the opening stock carried forwarded from A.Y. 2009-10 in the year under consideration is also nil. However, we note that the profit declared by the assessee for the A.Y. 2009-10 includes the closing stock of Rs. 2,93,12,514/-but no setoff has been provided by treating the same at nil value, meaning thereby, that the closing stock shown by the assessee was taxed in the previous year i.e. A.Y. 2009-10 and thus again making addition of the same in the year under consideration by disallowing of opening stock will amount to double taxation which is not warranted unde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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