2009 (3) TMI 654

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....d in upholding the same." 3. Both the parties were heard regarding the issue raised and legal implications thereof. 4. On careful consideration of the material available on record and analyzing the same in the light of rival submissions of both the parties, the undisputed facts relating to the issue are that during the course of survey under s. 133A carried out on 29-3-2001, stock of Khal Sarson of 1,129.85 quintals was found as against 876.5 quintals stock as shown in the books of account resulting in excess stock of 253 quintals. The partner disclosed a sum of Rs. 4,25,000 and surrendered the same for taxation as additional income which included the value of excess stock of Khal Sarson. However, the assessee did not offer any additi....

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....te. Survey was conducted on 29-3-2001 and bills in the name of M/s Jain Cattle Feeds, Sunam, Punjab, were issued on 28-3-2001 and were found recorded in the journal book of the assessee. Copy of bilty book from M/s Jain Cattle Feeds, Sunam, Punjab, was furnished before the Assessing Officer. Hence on these basis, he argued that the addition of Rs. 1,25,840 so made by the Assessing Officer may be deleted. However, when the assessee went in appeal before the CIT(A), the CIT(A) after taking into consideration the detailed facts and circumstances of the case, upheld the action of the Assessing Officer in making the addition of Rs. 1,25,840. 6. On analysis of the orders passed by the Departmental authorities in the light of rival submissions ....

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....for truck to Sunam, Punjab, and as per record, it was dispatched on 30-3-2001 and necessary journal entries were also passed in the books of account. This explanation was not accepted by the Assessing Officer. Accordingly he made addition of Rs. 1,25,840 being value of 228.8 quintals excess stock of Khal Sarson at the rate of Rs. 550 per quintal. Aggrieved by this addition the assessee went in appeal before the CIT(A). The CIT(A) after hearing the assessee and considering the material available on the assessment record, has come to the conclusion that the plea taken by the assessee regarding sale made to Jain Cattle Feed, Sunam, Punjab, is not correct as such party was enquired through the ITO, Ward-2 of Hanumangarh and thereby the CIT(A) h....