Bharat Bhushan Sawhney , Delhi V. ACIT, Circle- 36(1), New Delhi

MA 402/DEL/2023

• Counselvise Citation: [2024] 100 COUNSELVISE.COM (IT) 1532 (ITAT-DELHI)
• Duration Of Justice: 8 month(s) 8 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 20-06-2024
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 09-05-2024
• Assessment Year: 2014-2015
• Appeal Filed On: 12-10-2023
• Result in Favour of: Revenue
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘A’, NEW DELHI Before Sh. C. N. Prasad, Judicial Member Dr. B. R. R. Kumar, Accountant Member MA No. 402/Del/2023 (in ITA No. 1726/Del/2018 : Asstt. Year : 2014-15) Bharat Bhushan Sawhney, C-56, New Sabzi Mandi, Azadpur, New Delhi-110033 Vs. ACIT, Circle-36(1), New Delhi (APPELLANT) (RESPONDENT) PAN No. AHCPS8691Q Assessee by : Sh. R. S. Singhvi, Adv. & Sh. Satyajeet Goel, Adv. Revenue by : Sh. Vivek Vardhan, Sr. DR Date of Hearing: 10.05.2024 Date of Pronouncement: 21.06.2024 ORDER Per Dr. B. R. R. Kumar, Accountant Member: We have perused the Assessment Order, the order of the ld. CIT(A), the order of the ITAT and the Miscellaneous Application filed. 2. During the arguments, we find that confusion arose among the parties to the appeal was “a s t o what sh oul d b e t h e cut - o ff d at e f o r d et erm i ni ng t h e va l u e of cl osin g st oc k by res ort in g t o rev ers e cal cu lat i on ” in the Survey proceedings under section 133A of the Act, 1961. MA No. 402/Del/2023 Bharat Bhushan Sawhney 2 3. We consider that no separate adjudication is required to answer such conventionally established issue that, bench mark for reverse calculation to ascertain the closing stock was the date of survey {“ th e valu ati on of t h e c l osi n g st ock sh ou l d b e a s on th e d at e o f su rv ey ”} by considering the GP of the earlier years/s. The AO shall accordingly compute the closing stock. 4. In the result, the Miscellaneous Application of the assessee is dismissed. Order Pronounced in the Open Court on 21/06/2024. Sd/- Sd/- (C. N. Prasad) (Dr. B. R. R. Kumar) Judicial Member Accountant Member Dated: 21/06/2024 *Subodh Kumar, Sr. PS* Copy forwarded to: 1. Appellant 2. Respondent 3. CIT 4. CIT(Appeals) 5. DR: ITAT ASSISTANT REGISTRAR