2018 (9) TMI 219

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....plication being GA No.3768 of 2017. The appellant is the assessee. He, in substance questions the decision of the Assessing Officer adding certain sums to his income on the basis of survey operation under Section 133(6) of the Income Tax Act, 1961. Such sums have been directed to be added in respect of three assessment years being 2007-08, 2008-09 and 2009-10. The Assessing Officer found that the gross profit disclosed in the tax audit report was much lower than that reflected in a computer print-out of accounts which surfaced during the survey operation. The assessee did not deny the existence of this account revealed by the computer print-out, but his case before the Assessing Officer was that the tax audit report revealed the actual fig....

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....erefore there would be no affect on the Gross Profit. It is also seen that the Appellant has been unable to substantiate the claim that the relevant details had been kept in a stock register maintained manually nor has such evidence been provided before the A.O. to substantiate the claim during Assessment proceedings. It is therefore apparent the Appellant has come up to this explanation in Appeal proceedings to explain the higher Gross Profit as found out from the computerized books of accounts during the course of Survey. The Appellant's claim that the Assessing Officer has accepted his position regarding the valuation of closing stock in Assessment year 2006-07 is not relevant as the proceedings in each year are independent and the mater....

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....remains that the claim that valuation of diamonds etc. at the average cost through the computer accounting software was not correct, has not been substantiated by the Appellant. It is further mentioned that the onus is on the Appellant to establish that the figures of Gross Profit and the computer print out of the accounts retrieved from the computer of the Appellant during the Survey, were not reflecting the correct Gross Profit and this has not been done either in Assessment proceedings or during Appeal. Therefore, the submissions of the Appellant against Assessment of his Gross Profit are not accepted and the addition made by the A.O. of Rs. 3,71,61,628/- is confirmed." The orders of the first appellate authority was confirmed by the T....