TaxTMI 
TaxTMI 
2023 (12) TMI 627
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....essment order passed under section 143(3) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') relating to the Assessment Year (A.Y) 2018-19. 3. The brief facts of the case is that the assessee is an individual and engaged in the business of trading in Gold & Silver in the name and style of M/s. Shreeji Jewellers. For the Assessment Year 2018-19, the assessee filed its Return of Income on 07-09-2018 declaring a total income of Rs. 23,19,660/-. 3.1. During the scrutiny assessment, the Assessing Officer found that the assessee declared turnover of Rs. 165,68,81,352/- showing a gross profit of Rs. 64,14,458/- @ 0.39% and net profit of Rs. 24,77,569/- @ 0.15% The Assessing Officer found that the purchase of Gold and Silver have ....
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....n, wherein turnover of Rs. 165,68,81,352/- has been shown. However the assessee has neither filed copy of the bank statements nor filed any explanation of difference between turnover reported in STR and turnover as reflected in the audited books. Therefore the Assessing Officer determined the net profit @ 0.15% on the differential undisclosed turnover of Rs. 55,99,25,034/- which comes to Rs. 8,39,888/-. Thus the Assessing Officer determined the total income of the assessee as Rs. 79,93,80,531/- and demanded tax thereon. 4. Aggrieved against the same, the assessee filed an appeal before Ld. NFAC. The Ld. NFAC after considering the submissions of the assessee dismissed the same observing as follows: "....6.1 The grounds of appeal and well ....
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.... stating that the report is incorrect. The alleged incorrectness needs to be verified and acknowledged by the person who had conducted the audit and issued the audit report. This was not done by the appellant in the instant case. In view of the aforesaid and as the appellant had not disproved the alleged incorrectness with requisite documentary evidence, the ground of appeal is dismissed." 5. Aggrieved against the same, the assessee is in appeal before us raising the following Grounds of Appeal: 1. The order passed by the Ld. CIT (A) is against law, equity & justice and without considering submission made by the appellant. 2. The Ld. CIT (A) has grievously erred in law and or on facts in upholding addition of Rs. 79,62,20,983/- made ....
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....699877 42010.605 1627058543 383.54 14653337 6.2. It is claimed by ld. Counsel for the assessee that during the course of assessment proceedings, though the assessee furnished GST Audit Report, Annual Return, etc., wherein correct value of stock has been shown. However the Ld. A.O. did not consider the above documents and valued only closing stock on the basis of erroneous data. It is further claimed by ld. Counsel for the assessee that the Ld. CIT(A) also has not appreciated the above details and relying upon the Audit Report in Form 3CD, thereby confirmed the addition made by the Assessing Officer. Therefore the Ld. Counsel pleaded to set aside the matter back to the file of the A.O. for reconsideration and allow the appeal. 7. Per c....
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....e authorities below to file revised tax-audit report, but the assessee failed to file the same. The purpose and purport of tax- audit report is to assist the authorities to compute correct tax liabilities in framing assessment. The tax-audit report is certified by qualified Chartered Accountant, and if any discrepancies are found in the tax-audit report, it is incumbent on the assessee to obtain and file Revised Tax-Audit Report. The AO also asked assessee to file documents for preceding years, which the assessee did not file. We have observed that the assessee has filed voluminous paper book containing 688 pages, and the claim made by the assessee requires verification by the authorities below. Thus, in our considered view and in the inter....