2013 (3) TMI 441

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....ere passed by CIT Appeals who had inturn confirmed the order of assessing officer. Both these appeals were disposed of by common judgment in respect of the Assessment Year 2005-06 and 2006-07. The brief facts of the case are that the assessee filed returns declaring his total income of Rs.14,31,97,320/- (Rupees fourteen crores thirty one lakhs ninety seven thousand three hundred twenty only). Notices were issued under Section 142(1) dated 21.7.2009 and 31.8.2009 along with questionnaire seeking details in connection with the return which was filed. According to the Revenue, survey was conducted under Section 133(a) by DDIT(Inv), Panaji on 27.9.2006 and certain discrepancies relating to Assessment Year 2005-06 were noticed. In the Assessment....

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....argo was issued by M/s D. B. Bandodkar during the year and assessee was unable to produce any proof or evidence in support of his claim and in the absence of evidence or documentary proof it was held that excess closing stock 18869 M. T was not shown in the records. An application for rectification was made for the assessment year 2006-07, on the ground that the stock as on 31.3.2005, could not be added in the assessment year 2006-07. According to assessing officer, this mistake was rectified on 16.1.2009. It was therefore, contended by the Revenue that assessee had not stated the value of its closing stock as on 31.3.2005 and therefore, the case was reopened by issue of notice under Section 148 dated 17.7.2008. Thereafter again the represe....

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....cargo were raised by the appellant during the year. The assessee was unable to submit any proof or evidence in support of their claim. The Assessing officer did not accept the contention of the appellant that there was no necessity for raising any debit note or any other documents in respect of the transaction of crores of rupees, and therefore, in the absence of any evidence, the claim of the assessee was rejected. This order was confirmed by Commissioner of Income Tax(Appeals). 3. Before the Commissioner Appeals also it was urged that Commissioner of Income Tax has failed to appreciate the facts of the case during the relevant year and passed an order without stating why the facts were ignored and why the reliance was placed only on th....

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....e has further observed that during the course of argument he has submitted five inter-office correspondences. The Commissioner of Income Tax has observed that this reflect only grade wise order loaded in various vessels and details of tonnage and moisture content. However, in none of the documents, there is any mention of temporary loan of iron ore from M/s. OGPL to the appellant company and therefore on this ground appeal was rejected. Same was the case in respect of next assessment year. The Assessing Officer and the Commissioner (Appeals) passed an order against the appellant which order was confirmed by Commissioner of Income Tax. Two appeals were filed before Income Tax Appellate Tribunal bearing ITA No.191 and 192/ONJ/2011 which were ....