TaxTMI 
TaxTMI 
2024 (8) TMI 552
X X X X Extracts X X X X
X X X X Extracts X X X X
....der passed under section 154 of the Income Tax Act, 1961 (in short 'Act') dated 28.05.2018. 2. Brief facts of the case are that, assessee is a partnership firm, engaged in the business of processing and export of human hair, sandalwood etc., and power generation through windmill, filed its return of income for the A.Y. 2011-12 admitting a total income at Rs. 2,65,79,450/-. The return was summarily processed under section 143(1) of the Act on 16.01.2012. Subsequently, the case was selected for scrutiny and statutory notices under section 142(1) and 143(2) of the Act were issued and served on the assessee. Considering the submissions made during the assessment proceedings, the Ld. Assessing Officer made various additions to the returned inco....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ejecting the petition for rectification of assessment order for A.Y. 2011-12. 3. The learned Commissioner of Income Tax (Appeals) ought to have held that the addition of Rs. 1,36,80,000 made in A.Y. 2010-11 towards unaccounted closing stock in respect of goods sold to Raj Impex, deserves to be telescoped against sales income of Rs. 1,36,80,000 assessed to tax in A.Y. 2011-12. 4. The learned Commissioner of Income Tax (Appeals) ought to have held that not granting the telescoping benefit would amount to double taxation of sales amount of Rs. 1,36,80,000 once in A.Y. 2010-11 and again in A.Y. 2011-12. 5. Any other ground that may be urged at the time of appeal hearing." 5. The only issue emanating from the grounds of appeal raised by t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ring the impugned assessment year. He further, pleaded that the same amount cannot be taxed twice for two different assessment years. 7. Per contra, the Ld. Departmental Representative {hereinafter in short Ld. DR"} heavily relied on the orders of the Ld. Revenue Authorities and argued in support of the same. 8. We have heard both the sides, and perused the material available on record, order of the Tribunal and orders of the lower authorities. It is an undisputed fact that the Tribunal in its order dated 30.08.2017 has upheld the addition of Rs. 1,36,80,000/- as unaccounted sales / stocks in the books of accounts of the assessee, for the AY 2010-11. It is also found that the assessee has accounted for the advance during the A.Y. 2010-11 ....