2011 (3) TMI 1725

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.... 133A of the IT Act was conducted. During the course of survey Inventory of stock was taken by the Survey Team in the presence of the main Director of the assessee company Smt. Asha Rani Singhal and inventory was valued at ₹ 7,02,39,612/-. The details of this inventory alongwith valuation were provided to authorized representative for his comments. The Assessee's representative filed a letter in which inventory and the valuation was except the following items:- Sr. No. Name Code Size Quantity Total Rate Value 26 Zip YKK SFL 43x2000 86000 191.57 16475020 47 Zip YKK TAPE 100x1000 100000 191.57 19157000 154 Zip YKK SCHC36 12x200 2400 191.57 459,768 2.1 Assessee contended that valuation of the department was....

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....listed in YKK as Tape. Tape is a part of Zip in Roll and side part of any zip is called as Tape. If that was just a tape only, it can be hardly or any value of ₹ 2 per mtr. Moreover we had never buy or sold any item named as just tape. Therefore, the valuation of this item by department is wrong. Thirdly the last item as recorded on page 15 item no. 154 as SCHC36. YKK does not sell similar item (CHC 36) in parts as chain in roll and sliders. Even if we presume it was the same item, please see price on page no. 7. Item no. 194, size 22 inch is valued @ ₹ 34.29 pc. Therefore the maximum price of this item can valued as ₹ 35.88 per mtr. Only. Please see YKK India dealer price list as attached. Therefore the valuation ....

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....considered the issue. "This issue to be decided be me as to whether the rate applied at ₹ 59.48 per meter by the Assessing Officer is correct or not. After going through the records I am also of the opinion that the Assessing Officer has taken the maximum rate as given in S.No. 96 of the third inventory. There are various rates for various items but the appellant has also failed to establish that there was no concealment in inventory. Had it been show there would have been no occasion for difference in closing stock. The appellant failed to reconcile on the date of survey and tried to reconcile the same at the level of the Assessing Officer after 3 years and 3 months and also before me on 29.4.10 i.e. after about 4 years from the da....

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.....10. contrary to the figure of the both the appellant and the Assessing Officer, I find ₹ 37.96 is the rate per meter for good number of items and justice will be dispensed if we keep the rate at ₹ 37.96 per meter and the new calculation will be as below:- S.No. Description Price 1. Total quantity of 1,88,400 meter on three items @ ₹ 191.57 as shown in the survey report. 3,60,91,788/- 2. Total quantity of 1,88,400 meter @ 59.48 as applied by the Assessing Officer on the basis of highest priced item as submitted by the appellant before the Assessing Officer 1,12,06,032/- 3. The valuation of inventory taken by the Deptt on date of survey i.e. on 07/09/06 in presence of appellant. 7,02,39,612/- 4. Valuation....