2013 (8) TMI 998

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r DR, is in support to the assessment order by contending that there was a difference in gold stock during survey and the assessee duly admitted the same. It was contended that the assessee accepted the undisclosed income to the tune of Rs. 20 lacs on account of shortage of gold ornaments and excess of stock of silver. On the other hand, the learned counsel for the assessee, defended the impugned order. 2.1 We have considered the rival submissions and perused the material available on record. The facts, in brief, are that a survey u/s 133A of the Act was carried out at the business premises of the assessee. As per the Revenue, an amount of Rs. 20 lacs was accepted as undisclosed income by the assessee on account of shortage of gold ornamen....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....come of the assessee. There is further uncontroverted finding that correct difference of income has been offered by the assessee in its profit and loss account. In view of these facts, we find no infirmity in the conclusion drawn in the impugned order. It is affirmed. 3. The next ground pertains to deleting the disallowance of Rs. 2,74,779/- made on account of interest expenses. The learned Senior DR defended the assessment order whereas the learned counsel for the assessee supported the impugned order. 3.1 We have considered the rival submissions and perused the material available on record. We find that the assessee made payment of interest to the tune of Rs. 10,99,117/-. The observation of the Assessing Officer is that such payment was....