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TaxTMI 
TaxTMI 
TaxTMI 
2026 (4) TMI 1129
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....09.2021 was set aside with a direction to AO for fresh assessment. 2. The grounds of appeal raised by the assessee are as under: "1. The Ld PCIT, Jamnagar erred in law in passing the impugned order in view of the fact that the case of the appellant was already centralized vide order u/s 127 dated 01/02/2021 and therefore, the PCIT (Central) Ahmedabad had the jurisdiction over the case of the appellant. 2. Without prejudice to the above, the Ld PCIT erred in law and on facts in passing the impugned order in the particular premise that the subject matter was specifically inquired at length by the AO and he took judicious decision that the amount representing excess stock found during the course of survey u/s 133A was righ....
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....u/s 133A of the Act was carried out at the business of the assessee and accordingly the case was to be assessed through compulsory scrutiny. The due notice was served on the assessee, the assessee submitted the reply and the assessment was completed on 24.09.2021 on the returned income of Rs. 1,51,40,880/-. 5. The Ld. PCIT perused the record of assessment and noted that an unaccounted excess stock worth Rs. 1,13,26,724/- was found during the course of survey and the statement was recorded. The assessee offered that the amount would be disclosed as taxable income for AY 2019-20 and pay tax on the same. In this way that unaccounted income of Rs. 1,13,26,724/- was required to be taxed as per the provision of section-69 r.w.s. 115BBE of the ....
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....ons but on the perusal of the same it was seen that the facts of the case of the assessee are different from those of the judicial decisions relied upon by the assessee. It was seen that during the course of survey proceedings u/s 133A of the Act conducted at the business premises on 01/03/2019, the assessee, in the statement recorded, has admitted unaccounted excess stock amounting to Rs. 1,13,26,724/- being difference in the valuation of physical stock found and as recorded in the books of account of the assessee and agreed to offer this income as current year's income over and above his regular business income of the current year. Accordingly, the assessee has declared the stock difference of an amount of Rs. 1,13,26,724/- in the ret....
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....t dated 24/09/2021 erroneous which resulted in the loss of revenue, hence prejudicial to the interest of revenue. It is also to be mentioned that Assessing Officer is duty bound to assess the correct income of the assessee and properly taxed the same. The Ld. PCIT observed that the assessment for AY 2019-20 was erroneous in so far as it is prejudicial to the interest of revenue of the Act and set aside the order of assessment and the Assessing Officer was directed to revise the assessment order after giving proper opportunity to be heard. 8. The assessee has filed an appeal against the impugned order dt. 22.02.2024 before us. (a) During the course of argument, Ld. AR of the assessee submitted that the assessment was completed af....
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....sessee, the books of account of the assessee were audited by chartered account and in the Schedule P2 the amount of Rs. 1,13,26,724/- was shown as business income and again the same was shown in schedule P7, P8 and P9 where the detailed break up of income eared was given. In Form-3CD clause 14A it was shown. By this way, the assessee has offered entire amount of Rs. 1,13,26,724/-, which was surrendered during the survey proceedings as undisclosed stock of goods. The assessee has submitted the soft copy of return of income, relevant documents such as audit report, ledger account were submitted to the Assessing Officer and also produced books of accounts for verification. After detailed verification, the AO has accepted the disclosed amount a....