RAM DEO JAT,SHILLONG vs. INCOME TAX OFFICER, WARD-2, SHILLONG

ITA 111/GTY/2019Status: DisposedITAT Guwahati16 March 2021AY 2013-143 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the lower authorities made additions mechanically without considering the assessee's explanations and reconciled statements. The additions were therefore not sustainable in law.

What were the facts?

A survey action was conducted at the assessee's business premises, revealing a difference in physical stock and cash balance compared to the books of account. The Assessing Officer made additions based on these discrepancies, which were upheld by the CIT(A).

What were the issues?

Whether additions made on account of stock and cash discrepancies found during a survey are justified without considering the assessee's explanations and reconciled statements.

Which sections of the Income-tax Act were involved?

Section 133A,Section 131(1)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, KOLKATA BENCH “SMC” GAUHATI

Before: Shri Sanjay Garg

The present appeal has been preferred by the assessee against the order dated 24-01-2019 of the Commissioner of Income-tax (Appeals), Shillong [hereinafter referred to as ‘CIT(A)’].

2.

In this appeal, the assessee has taken the following grounds of appeal:- “1.1 Discrepancy in Value of Stock That the learned Assessing Officer has made addition of Rs. 11,60,736/- as the difference in physical stock and the stock as per books of account. Total Additions and calculations made are presumptive basis and does not reflect act

The order continues below.

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