2024 (1) TMI 362

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....ion 260A of the Income Tax Act, 1961 (for short 'the Act') arising out of the order dated 6th May, 2022 passed by the Income Tax Appellate Tribunal, Ahmedabad "B" Bench, Ahmedabad (for short 'the Tribunal') in ITA No. 589/Ahd/2019 for Assessment Year 2015-16. 3. The appellant-assessee has raised the following substantial question of law : (i) Whether in the facts of the case as well as law, the Ld. Income Tax Appellate Tribunal was justified in upholding the finding given by the Ld. CIT(A) that the appellant had suppressed the value of closing stock for AY 2015-16? (ii) Whether in the facts of the case as well as law, the Ld. Income Tax Appellate Tribunal was justified in upholding that the Appellant had not produced al....

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.... the rates of the ornaments found during the course of survey on the said date. 4.2. Being aggrieved, the assessee filed Appeal before the CIT (Appeals) who by order dated 8th February, 2019 dismissed the appeal filed by the assessee holding as under : "6.1. The contentions of the appellant have been considered in the light of the submission made and the findings given by the AO in the assessment order. In para. 4.3 of the assessment order, the AO has mentioned that the partner of the appellant firm had admitted the amount of Rs. 80,44,975/- which was further confirmed by the other partners and paid the due advance tax thereon which was later on claimed as refunded by reducing the income. There is also a finding by the AO that G....

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.... 4.3. The assessee therefore preferred the Appeal before the Tribunal and the Tribunal also dismissed the Appeal of the appellant-assessee confirming the above findings of CIT (Appeals) on the ground that the assessee never filed supporting evidence regarding its practice of valuation of closing stock and during the survey proceedings, the assessee admitted that there was excess unaccounted stock which was reflecting the investment of the assessee on the date of survey. It was also not in dispute that the assessee did not include the difference of Rs. 13,57,865/- in the return of income filed by the assessee and merely declared the gold and silver ornaments in survey proceedings in subsequent assessment year was rightly not held that the....