2014 (11) TMI 1092

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....haveri, J. - 1. This is an appeal by the appellant-revenue, challenging the order of the learned ITAT (for short, 'the Tribunal'), Dated 22.11.2013, rendered in ITA No. 745/Ahd/2013, whereby, the Tribunal dismissed the appeal of the revenue. 2. The brief facts of the case are that the respondent-assessee is a firm, engaged in the business of export of silk. The assessee filed its ret....

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....stock shown in the books of accounts and stock shown in the statement submitted to the Bank? [B] Whether on the facts and circumstances of the case and in law, the Hon'ble Tribunal is justified in upholding the decision of CIT(A) in deleting the addition of Rs. 52,50,000/-without any material on record to the contrary to prove that the assessee had not disclosed such excess stock to t....

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....ccounts. He, hence, submitted that the Tribunal ought to have held that there was purchase made by the assessee from unaccounted source. Therefore, he prayed that the appeal be allowed. 4. Heard, Mr. Mehta, learned Advocate for the appellant-revenue, and perused the material on record as well as the orders passed by the CIT(A) and the Tribunal. 5. Before proceeding with the matter, here, it ....

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....tock statement given by the assessee to the Bank and the actual stock lying with it was not tallying. The CIT(A) in its order recorded that the assessee had shown processed stock in the Books of Account for Rs. 91.76/- for June & July, 2003, Rs. 91.74/- lacs in August, 2003 and Rs. 91.76/-lacs in September and October, 2003. The CIT(A), further, recorded that during the course of assessment, the a....