2023 (5) TMI 356

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....l Member: The aforesaid appeal has been filed by the Assessee against order dated 19.07.2022, passed by Ld.CIT (A) 51, Mumbai, for the quantum of assessment passed u/s 143(3) for the AY: 2019-20 2. In the grounds of appeal assessee has raised the following grounds: 1) On the facts and circumstances of the case as well as in law The Ld. CIT(A) has erred in holding the action of asses....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rried out on the business premises of the Assessee, M/s. Jhama Sweets on 15.01.2019. Based on the survey finding, the case was selected for scrutiny under "compulsory scrutiny selection". AO noted that, during the course of survey proceedings, inventory of stock was prepared and as on the date of survey, in books of account the stock was shown at Rs. 2,82,400/-. However, the stock as per the physi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....is noticed that there was difference of stock in books and the physical stock found during the survey and such difference was worked out at Rs. 22,38,769/-. Assessee is in the business of manufacturing of sweets (Mithai) and the stock which was found was the raw material/ ingredients used for preparation of the sweets. In the course of survey, the assessee in his statement on this issue merely sta....