Pr. Commissioner Of Income Tax 6 v. Appearance

C/TAXAP/1240/2018 ORDER IN THE HIGH COURT OF GUJARAT AT AHMEDABAD R/TAX APPEAL NO. 1240 of 2018 ========================================================== PR. COMMISSIONER OF INCOME TAX 6VersusM/S JANAM STEEL AND ALLOYS========================================================== Appearance: MRS MAUNA M BHATT(174) for the PETITIONER(s) No. 1 for the RESPONDENT(s) No. 1 ========================================================== CORAM: HONOURABLE MR.JUSTICE AKIL KURESHI andHONOURABLE MR.JUSTICE B.N. KARIA Date : 09/10/2018 ORAL ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1.Revenue is in appeal against the judgment of the Income Tax Appellate Tribunal dated 23.03.2018 raising following question for our consideration: “Whether the Appellate Tribunal has erred in law and on facts in deleting the addition of Rs.1,59,22,356/- due to discrepancy found in stock statements, and by not considering the evidences in form of stock statements which were submitted by the assessee to his banker, Punjab National Bank?” 2.On 08.10.2018, we had considered such a question at the instance of the Revenue in Tax Appeal No.1198 of 2018 making following observations: “Question [1] pertains to addition of a sum of Rs. 1.59 crores [rounded off] made by the Assessing Officer on account of discrepancy in the stock, as per the books of account of the assessee and that shown in the bank statements. Upon appeal, CIT [A] had given substantial relief retaining only Rs. 19.46 lakhs [rounded off] of such addition, deleting the rest. In further appeal, the Tribunal deleted the remaining amount also inter alia observing that there was no difference in the physical stock and the stock shown in the account of the assessee on the date of survey. Sole ground for making the addition was difference between the accounts maintained by the assessee and the stock statement filed with the Bank. It was noted that the stock statements filed with the Bank pertain to the months of April to August, whereas, the survey took place in the month of September. It was also noticed that the tendency to show higher value in the bank statements to enjoy higher cash credit limit. The entire issue is thus based on facts duly appreciated by the CIT [A] and the Tribunal. No question of law arises. Question [2] is nothing but an element of the first question. No separate discussion is therefore necessary. Third question pertains to deletion of a sum of Rs. 7.48 Crore added by the Assessing Officer on the strength of entries made in the diaries seized during the survey operation. CIT [A] and the Tribunal concurrently held that these entries pertain to one Shri Rajesh P Patel and not the assessee. The said Rajesh P Patel had also confirmed this during his examination. He had also filed an affidavit in support thereof. Such being the position, no question of law arises. In the result, Tax Appeal is dismissed.” 3.In the result, Tax Appeal is dismissed. (AKIL KURESHI, J) ANKIT SHAH (B.N. KARIA, J)