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| The Tax Publishers2020 TaxPub(DT) 0882 (Mad-HC) INCOME TAX ACT, 1961
Section 260A
Where during the course of survey, discrepancies in the stocks of gold were found at the business place of assessee for which initially though he admitted a difference of Rs. 50 lakhs in value, but later on during the course of assessment proceedings, he seems to have reduced that valuation to the extent of Rs. 42 lakhs, therefore Tribunal had upheld the admissions only to the extent of Rs. 42 lakhs and accordingly appeal of assessee was dismissed.
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Appeal (High Court) - Undisclosed purchases - Purchases were not properly entered - Maintainability of
Assessee filed this appeal before Court against the order of Tribunal on the ground that Tribunal was not right in holding that addition of Rs. 42 lakhs was warranted as undisclosed purchases in the hands of assessee as per the real income theory under section 28. Tribunal itself observed the “contrary facts on record” to prove that purchases were not properly entered and only there was “Excess Book Stock” as compared to “Physical Stock” recorded in the books. Held: As recorded in books, no question of law arises in the present case, much less substantial question of law, giving rise to the maintainability of the appeal under Section 260A by assessee. Admittedly, during the course of survey, discrepancies in the stocks of gold were found at the business place of assessee for which initially though he admitted a difference of Rs. 50 lakhs in value, but later on during the course of assessment proceedings, he seems to have reduced that valuation to the extent of Rs. 42 lakhs. Tribunal had upheld the admissions only to the extent of Rs. 42 lakhs. Thus, appeal of assessee was dismissed.
REFERRED :
FAVOUR : Against the assessee
A.Y. :
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