2022 (6) TMI 1106

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....epartment : Smt. Madhu Malati Ghosh ,  Addl.CIT/Ld.DR ORDER PER MANISH BORAD , AM. This appeal of the assessee for the assessment year 2015-16 is directed against the order of ld. Commissioner of Income-tax (Appeals), Burdwan dated 13-08-2019, which is arised from the assessment order dt. 29-12-2017 passed by the ACIT,Circle-2, Burdwan framed u/s. 143(3) of the Income Tax Act, 1961. ....

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....cords are that the assessee is a private limited company engaged in the business of paddy mill. A survey u/s. 133A of the Income-tax Act, 1961 was conducted on 04-02-2015 at the business premises of the assessee, wherein excess stock was found. Thereafter, return of income was filed on 31-03-2016 declaring income of Rs.40,14,130/-/ The case was selected for scrutiny followed by serving of notices ....

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....9,658/-, but confirmed the one for excess stock at Rs.31,78,588/-. 5. Aggrieved, the assessee is now in appeal before this tribunal against the addition of Rs.31,78,588/- confirmed by the ld. CIT(A). 6. The Ld. Counsel for the assessee submitted that the ld. CIT(A) has accepted the alleged income as business income. Since the addition is on account of excess stock then the addition should be....

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.... fact remains undisputed at the end of the revenue that the alleged excess stock is part of business income of the assessee and the same has been confirmed by the ld. CIT(A) and the Revenue is not before us challenging the said finding. Now once it is confirmed that excess stock is part of business income, it is judicially settled that only profit element in such excess stock should be brought to ....