2019 (10) TMI 510

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....cer alleged as excess stock found during the course of survey which is erroneous both on point of law and on point of fact. 2. Your appellant fur4ther submits that he has been maintaining regular and proper books of accounts which are audited u/s 44AB of the Act and that provisions of Sales tax/Vat Tax applies and that those authorities have not made by adverse remark to the books of accounts, stock maintained etc. and the Assessing officer have not rejected books u/s 145 of the Act therefore the CIT(A) ought to have deleted the addition. 3. The assessing officer had fully relied on the statement recorded during Survey and that since he has failed independently to arrive at alleged difference in the stock the CIT(A) ought ....

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....ow were not justified in not accepting explanation of the assessee and making addition/sustaining the same. Ld. Counsel submitted that the A.O. has not disbelieved the accounts as the accounts have not been rejected. He further submitted that the entire addition has been made on the basis of a statement recorded during the course of survey. He contended that the law is well settled that the statement recorded during the course of survey would have no evidentiary value and as such, such statement should not only be the basis for addition. Ld. Counsel further submitted that the A.O. has not brought on record any material in support of the statement recorded during the course of survey. Ld. Counsel further submitted that the assessee was not i....