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08-02-2019, Sudhir Kumar Mundra, Section 133A, 44AB, Tribunal Indore

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1 week 19 hours ago #8630 by amit
Section - 133A, 44AB
Order Date - 08-02-2019
Favouring - Assessee
Court - Tribunal Indore
Appellant - DCIT
Respondent - Sudhir Kumar Mundra
Justice - KUL BHARAT JM & MANISH BORAD AM
Citation - 219Taxpundit126
Appeal No. - ITA No.510/Ind/2017
Asstt. Year - 2013-14

Order

PER : MANISH BORAD

These two appeals filed at the instance of Revenue pertaining to Assessment Year 2013-14 are directed against the orders of Ld. Commissioner of Income Tax (Appeals)-II (in short ‘Ld.CIT(A)’], Indore dated 03.04.2017 which are arising out of the order u/s 143(3) dated 20.03.2017 framed by ACIT, Khandwa.

The Revenue has raised following grounds in the case of Shri Sudhir Kumar Mundra in ITA No.510/Ind/2017:

“1. Whether on the facts and in the circumstances of the case, the Ld. CIT(A) has failed to appreciate the facts and as per statement recorded from the assessee dated 20 12.2012, the assessee has surrendered the additional income voluntarily i.e. Rs.73,61,364/- which is the difference in stock found during the course of survey.

2. Whether on the facts and in the circumstances of the case, Ld.. CIT (A) has failed to appreciate facts that the stock was taken in the presence of the authorized person of the assessee and the stock of goods was inventorised during the survey and it was found that stock shown in the books of accounts is very low as compared to physical stock taken as on date of survey.

3. Whether on the facts and in the circumstances of the case, Ld.. CIT (A) has failed to consider that the assessee has not shown or incorporated the total excess stock of Rs. 73,61,364/- in total income in the consideration year.

4. Whether on the facts and in the circumstances of the case, Ld.. CIT(A) was justified in not calling for remand report fromAO, on the evidences submitted in appeal which is against the principle of natural justice.

5. The appellant craves leave to add to or deduct from or otherwise amend the above grounds of appeal. The Revenue has raised following grounds in the case of Shri Sandeep Kumar Mundra in ITA No.511/Ind/2017:

“1. Whether on the facts and in the circumstances of the case, the Ld. CIT(A) has failed to appreciate the facts and as per statement recorded from the assessee dated 20.12.2012, the assessee has surrendered the additional income voluntarily i.e. Rs.90,88,142/- which is the difference in stock found during the course of survey.

2. Whether on the facts and in the circumstances of the case, Ld.. CIT (A) has failed to appreciate facts that the stock was taken in the presence of the authorized person of the assessee and the stock of goods was inventorised during the survey and it was found that stock shown in the books of accounts is very low as compared to physical stock taken as on date of survey.

3. Whether on the facts and in the circumstances of the case, Ld.. CIT (A) has failed to consider that the assessee has not shown or incorporated the total excess stock of Rs. 90,88,142/- in total income in the consideration year.

4. Whether on the facts and in the circumstances of the case, Ld.. CIT(A) was justified in not calling for remand report from AO, on the evidences submitted in appeal which is against the principle of natural justice.

5. The appellant craves leave to add to or deduct from or otherwise amend the above grounds of appeal.

2. From perusal of the grounds raised in both these appeals, we find that common issue relating to addition for excess stock found during the course of survey has been raised by the revenue. As the issues raised are common both these cases were heard together and are being disposed of by this common order for the sake of convenience and brevity.

3. For the purpose of adjudication we will take up the facts of Shri Sudhir Kumar Mundra Prop. M/s Sudhir Trading Co. in ITANo.510/Ind/2017 for A.Y. 2013-14.

4. Brief facts as culled out from the records are that the survey u/s 133A of the Act was conducted on 20.12.2012 at the business premises of the assessee and difference of physical stock viz-a-viz book stock of Rs.90,98,439/- was voluntarily surrendered during the course of survey proceedings. Subsequently, e-return of income was filed on 01.10.2013 declaring taxable income of Rs.33,81,660/- from the business of Trading of Power loom & Cloth. In thecomputation of income undisclosed income of Rs.17,37,075/- was shown on account of excess stock. Case selected for scrutiny and necessary notices u/s 143(2) & 142(1) of the Act were duly served upon the assessee.

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