During survey conducted by Central Excise Authority, it was found that there was shortage of closing stock of finished goods and raw material in assessee’s company. Assessing Officer made addition on account of said shortage of stock.\u00a0 It was found that discrepancy of stock found at time of Central Excise survey was accepted by assessee as sales outside books of account and assessee had also paid excise duty on that amount. The Assessing Officer added entire sale done outside books of account was income to be added, as raw material cost had been accounted for in regular books of account. The contention of the assessee that only GP should be added was rejected by the AO, which was affirmed\u00a0 by the commission under 264 proceedings. On writ\u00a0 High Court affirmed the order of the Commissioner. \u00a0(AY. 2009-10)(SJ)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 69B : Amounts of investments not fully disclosed in books of account -Survey-Shortage of closing stock of finished goods and raw material-Sales outside books of account- The contention of the assessee that only GP should be added was rejected-On writ High Court affirmed the order of the Commissioner. [S. 264, Art. 226] <\/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":[21],"tags":[],"class_list":["post-59017","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-flT","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59017","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=59017"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59017\/revisions"}],"predecessor-version":[{"id":59018,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59017\/revisions\/59018"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=59017"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=59017"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=59017"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}