COMMISSIONER OF INCOME TAX Vs. RAJENDRA SONI

JUDGEMENT

(1.) HEARD on question of admission. This appeal has been preferred against the order passed by the Tribunal on 30th Oct., 2009 in ITA No. 444/Jp/2009.

(2.) THE facts in short are that a survey operation was carried out on the business premises of the assessee on 17th Feb., 2005, during which the books of accounts were found to be incomplete and excess stock of Rs. 8,99,720 and excess cash of Rs. 3,50,280 was found. The AO made an addition of Rs. 12,50,000 under S. 69 of the IT Act. On appeal having been preferred, the CIT(A) allowed the assessee relief of Rs. 2,18,000 on account of excess cash however confirmed the addition of Rs. 8,99,720 for excess stock and Rs. 1,32,280 on account of excess cash. The appeal was allowed in part. The application under S. 154 for rectification was filed which was dismissed by the CIT(A). Aggrieved of the order, appeal was preferred before the Tribunal. The Tribunal has deleted the entire addition of Rs. 10,32,000 sustained by the CIT(A) and has allowed the assessee's appeal. Aggrieved against the same, this appeal has been preferred.

(3.) AFTER hearing the learned counsel at length and going through the orders, we are of the opinion that no consideration was given by CIT(A) to the fact that books of accounts of M/s Rajendra Soni, an individual firm were also impounded on the date of survey in which the assessee has made the alleged purchase of stock of gold which was available physically on the date of survey. Thus, in our opinion, the finding of the Tribunal cannot be said to be perverse on facts and the view taken was a reasonable and plausible view. The Tribunal has discussed the matter thus :