TaxTMI 
TaxTMI 
2015 (2) TMI 633
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....bunal"), in I. T. A. No. 380/CHD/2010, claiming the following substantial questions of law : "(i) Whether the Income-tax Appellate Tribunal is justified in con firming the addition of Rs. 28,73,640 on account of difference of clos ing stock in the books and as per the statement given to the bankers there being a plausible explanation and by completely ignoring the accounting principles that closing stock of one year is opening stock of the following year and there being no tax effect, any addition on this count is futile in view of the judgment of the hon'ble Punjab and Haryana High Court in the case of CIT v. Fazilka Co-operative Sugar Mills Ltd. [2002] 255 ITR 411 (....
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.... On July 4, 2007, the assessee submitted complete details of stocks supported by relevant documents. It was further explained by the assessee that she had applied for machinery term loan from the bank for importing computerized "flat knitting bed knitting machine" from Taiwan. The said loan could not be sanctioned by the bank due to technical reasons and the machinery for which order was placed on January 30, 2005, reached India on February 18, 2005. The appellant explained to the bank officials that in case the loan was not disbursed, she shall be liable for demurrage charges as per norms of port authorities. The bank officials, however, agreed to release the payment from cash credit limit account if the same was provided at infl....
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....d. 4. The Tribunal, vide order dated March 15, 2013, annexure A.3, impugned herein while affirming the findings recorded by the Assessing Officer and the Commissioner of Income-tax (Appeals) held as under : "8. Ground No. 2 raised by the assessee relates to confirming the addition of Rs. 28,73,640 by the Commissioner of Income-tax (Appeals) under the head 'difference of stock' as shown in the books and shown in the bank statement without any base and reason thereof. 9. We have carefully perused the rival submissions, facts of the case and relevant records and case law relied upon by the asses....
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....nbsp; 12. The Assessing Officer made addition of Rs. 5,20,889 under the head 'unaccounted fabrication work' on examination and analysis of facts of the case. The learned Commissioner of Income-tax (Appeals) discussed the issue in detail and upheld the findings of the Assessing Officer. 13. The Assessing Officer made the above addition being fabrica tion charges receivable by the assessee but not accounted for in the regular books of account. The Assessing Officer on examination of the bills issued by the assessee, for fabrication of the work done on job work basis, for different parties and correlating the same with the ch....
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....ase law. Having regard to the bills filed by the assessee which were not pro duced before the lower authorities, we deem it fit to admit the addi tional evidence with a view to advance the cause of justice. As the said bills were not produced before the Assessing Officer and the Commissioner of Income-tax (Appeals), consequently, in the interest of justice, we restore this issue to the file of the Assessing Officer for making necessary enquiry in the matter and fresh adjudication of the matter as per law after affording reasonable and due opportunity of being heard to the appellant." 5. The Assessing Officer and the Commissioner of Income-tax (Appeals) had discussed the material on record in detail and had come to the conclusion that the....