Tribunal held that stock statements of assessee were regularly submitted to assessee’s banker on monthly basis. The Stock statements submitted during period 1.4.2009 to 31.8.2009 were also submitted to CIT(A) for his perusal but both authorities did not consider reconciliation submitted by assessee and authorities relied statement of assessee u\/s 142 of the Act though assessee reflected for his statement after one month and thereafter also filed affidavit to that effect but lower authorities failed to consider his contention. Tribunal set aside this issue to the file of the AO to examine the reconciliation statement filed before the lower authorities. Further held that Assessee’s profit in earlier year was less than year under consideration meaning thereby his Gross Profit was higher than earlier years therefore, in such circumstances assessee’s contentions could not be denied.(AY 2010 \u2013 2011)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 132(4) : Search and seizure\u2013Statement on oath -Income from undisclosed sources\u2014Unexplained investments\u2014Excess stock-Addition on Gross profit earned and sales of unaccounted stock- Matter seta side to the AO to examine the reconciliation statement filed before the lower authorities. Further held that Assessee’s profit in earlier year was less than year under consideration meaning thereby his Gross Profit was higher than earlier years therefore, in such circumstances assessee’s contentions could not be denied. [S. 69, 132, 145]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3494","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-Um","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/3494","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=3494"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/3494\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=3494"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=3494"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=3494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}