TaxTMI 
TaxTMI 
2011 (9) TMI 795
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.... November 2009 proposing following question of law for our consideration:- "Whether the Appellate Tribunal is right in law and on facts in deleting the addition of Rs.28,60,263/- made on account of unexplained investment in purchase of raw material?" For the assessment year 2003-04, the assessee had disclosed a sum of Rs.70,50,263/- which included the unaccounted investment in the ....
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....uthorities. The Assessing Officer in detail noted the break-up of the amount admitted by the assessee and thereafter on a detailed discussion reached to the conclusion that a sum of Rs.28,60,263/- needed to be added by way of investment in stock. CIT (Appeals) by giving further reasons, concurred with the findings of the Assessing Officer. When the issue came to be challenged before the Tribunal, ....
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....he gross profit and the same is included in the profit and loss account, there was no question of separate addition of undisclosed income in the profit and loss account. The Tribunal further noted that the assessee had given the facts and figures of an excess stock of 520 MT of Indian wastage paper valued at Rs.28,60,623/- during the course of survey proceedings and this had been explained in the ....
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....n was actuated by the fact that raw materials purchased were converted into finished goods and the same had already been included in the stock which has resulted into higher profit and once when the closing stock of raw material had been included in the purchase and finished goods, the same was not required to be included in the profit and loss account. This Court is of the opinion that on conside....