TaxTMI 
TaxTMI 
2022 (12) TMI 31
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..../s.143(3) on 26.12.2019. It was the submission that the assessee is a partnership firm, which is doing business of beneficiation of graphite. It was the submission that the order u/s. 143(3) of the Act was the subject matter of revision u/s.263 of the Act, wherein, the Pr. CIT has raised three issues, first being the issue of valuation of closing stock, second being the issue of variation in the purchases and sales and third being the issue of cash deposit during demonetization period. Ld AR drew our attention to page 31 of PB, which was the copy of the notice u/s.142(1) of the Act. It was the submission that the very specific issues had been called for by the AO in the course of assessment and same were replied to. It was the submission th....
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....various purchases of non-sale items. It was the submission that these were basically consumables. This was shown under the various heads for consumables. It was the submission that this was also examined by the Assessing Officer and no adverse view had been drawn by the Assessing Officer. It was the submission that this issue was also raised by the Pr. CIT on presumptions. In regard to issue being deposit of cash during demonetization period, it was the submission that the issue was examined in detail by the AO during scrutiny assessment under CASS. The details were called for and same were produced as is evident from pages 93 to 106 of PB. It was the submission that during the relevant assessment year, the assessee has not deposited any ca....
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....submitted all the required documents/details along with books of accounts in respect of the above three issues apart from others during the course of assessment proceedings u/s.143(3) of the Act which were verified/examined thoroughly. The pointwise details in respect of the above issues are given hereunder: (i) Valuation of Closing stock That the LAO issued Notice U/s. 142(1) of the Act along with questionnaire, copy of which is placed at Pages 31-34 of the Paper Book. The query was raised at para 10 (Page 33 of paper book). The assessee submitted its reply along with the documents, as placed at Pages 40 of Paper Book and subsequently the documents related to valuation of closing stock were also submitted, the certified copy of which i....
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....estionnaire as per the SOP/Directions issued by CBDT, copy of which is placed at Pages 43-49 of Paper Book. The assessee submitted its reply along with all the documents, certified copies of which is placed at Pages 93-106 of Paper Book . The same were duly verified with the documents, books of accounts etc. and accepted. 3. That it is crystal clear from the above that all the above three issues were duly considered by the LAO during the course of assessment proceedings u/s. 143(3) of the Act and after verifying the books of accounts, details/documents/clarification submitted by the appellant; the same was accepted after due verification and application of mind which is clear from the certified copy of order sheet placed at Pages 107-111 ....
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....e issued u/s.142(1) of the Act shows that the query is in para 10 of the notice. It was the submission that the said query was only quantitative details. It was the submission that the basis for valuation had not been called for by the Assessing Officer. It was the submission that the basis was also not explained in respect of closing stock. It was the submission that the Pr. CIT was right in revising in respect of the issue. It was the further submission that in respect of purchase and sales, month wise details were called for. There was variation in the purchases as shown in the month-wise details and in the profit and loss account. It was the submission that this should have been drawn attention of the Assessing Officer. There is nothing....
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.... closing stock shown at page 40 & 50-52 of the paper book shows that the method of valuation is very much available in the papers submitted before the Assessing Officer. Thus, it cannot be said that the AO has not examined the method of valuation. Just because, the AO does not write detailed assessment order in respect of each of the issues and each of the view he has taken and the examination he had taken, it cannot be said that the order passed by the AO is without enquiry. It is the duty of the assessee to place all the details as called for by the AO in the course of scrutiny assessment before the Assessing Officer. The law does not prescribe that the assessee must point out defect in its case also to the Assessing Officer. The Assessin....