2013 (8) TMI 987

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

...., on 30/09/2008, declaring total income of Rs. 49,37,430/-. The assessee derived his income from the trading and manufacturing of cotton-seed, cotton seed-oil, mustard seed-oil, oil-cakes etc. A survey u/s 133A of the Income Tax Act, 1961 ('the Act' for short) was conducted at his business premises on 24/01/2008. During assessment proceedings, various defects were noticed by the A.O. in the books of accounts of the assessee and, therefore, he rejected them. 2.2 During the course of survey, in his statement recorded on 24/01/2008, the assessee Shri Bhagwan Kuamr Tapariya, had admitted the following unaccounted income, while replying to Question No. 14 of his statement :- (i) Unaccounted investment in the Residential property Rs. 17,....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ord. The ld. A.R. has reiterated almost the reasons against addition which are extracted in the former part of this order. The reiterated the reasons given by ld. CIT(A)for sustaining the impugned addition. 2.5 Regarding addition of Rs. 22,44,277/- (sustained by the ld. CIT(A)) it has been argued that as per settled principle of law no statement can be recorded u/s 133A and if such a statement is recorded no forced surrender can be obtained. Above all it was argued that only on the basis of such a statement, which does not have any evidentiary value, no addition can be made. The above submissions have been refuted by ld. D.R. tooth and nail. 2.6 After considering rival submissions we have found that this addition is based solely on th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....was worked by application of G.P. rate of preceding year. c. That stock of oil in process in tanks were valued on selling rate which ought to be valued as per cost of raw oil and the process cost. d. The stock lying in adjutant premises belonging to the son of assessee namely Low I B [P.B. Page 45 S.No. 2]. The assessee never deals in such items. The assessee produced the purchase vouchers by son and shown that payment was made by assessee's son by a/c payee cheque. e. That weight of oil in tank was taken more than its capacity and lost sight to the fact of accumulated GAD which even reduces the quantity of oil in the tank. f. The assessee filed detailed working of stock but the same was rejected without pointing out any err....