TaxTMI 
TaxTMI 
2019 (2) TMI 1946
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....ppeals were heard together and involve common issues, these are being disposed of by this common order for the sake of convenience and brevity. ITA No. 1176/DEL/2015 [A.Y. 2011-12] 2. Briefly stated, the facts of the case are that search was conducted at the premises of the assessee on 04.08.2011, which pertains to F.Y. 2011-12 relevant to A.Y. 2012-13. During search proceedings, daily milk procurement sheets were seized from the office of the assessee. These sheets were prepared at the plant at Village Bartoli and sent to the Head Office every day. The sheets found pertained to the period 01.07.2011 to 10.07.2011 and from 21.07.2011 to 31.07.2011. Taking a leaf out of the entries found in these loose sheets, the Assessing Officer formed ....
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....he computation of income of Shri Sandeep Aggarwal for the A Y 2012-13 (the copy of computation of income of Shri Sandeep Aggarwal is enclosed and marked as Annexure-III) as per which a sum of 92,50,000/- have been surrendered and the taxes on the same have already been filed". 4. After considering the reply made by the assessee, the Assessing Officer accepted that one of the directors Shri Sandeep Aggarwal has admitted the fact that he is dealing in sale and purchase of milk in his individual capacity during the post search enquiries. However, the Assessing Officer did not accept the contention of the assessee that it has not made unaccounted sale in other months of the year, though the documents in respect of undisclosed sale in respect o....
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....me of the assessee. The CIT(A) deleted the addition of Rs. 26.82 lakhs being made on account of undisclosed investment in purchases. 10. Aggrieved by this, the Revenue is before us in A.Y. 2011-12 and the assessee is in cross appeal in A.Y. 2012-13. 11. Before us, the ld. DR strongly supported the findings of the AO. It is the say of the ld. DR that even if the Assessing Officer has made some statistical estimation, the CIT(A) has also erred in making estimation while deciding the first appeal. 12. Per contra, the ld. AR vehemently stated that there are factual errors in the calculation made by the Assessing Officer and drew our attention to the correct calculation. The ld. AR concluded by stating that the entire addition has been made o....
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.... to 1797367 litres, which is wrongly taken by the Assessing Officer as 2716162 litres. If the average selling rate per liter as per books of accounts is applied on the unaccounted quantity of milk of 1797367 litres, value comes to Rs. 4,71 crores whereas the same is taken at Rs. 7.11 crores by the Assessing Officer for making addition. 15. If the profit margin of 10.56% is applied on this unaccounted sale, the same comes to Rs. 49 lakhs and the director in his individual capacity has accepted the unaccounted sale and offered Rs. 93 lakhs as his undisclosed income which has been accepted by the Assessing Officer. This means that undisclosed income has been fully covered by disclosure made by the director and, in fact, as mentioned above, it....