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Therefore, the AO is hereby directed to treat the excess stock of Rs. 8,33,99,441/- found during the course of search from business & residential premises of the appellant as undisclosed investment u/s 69A of the Act and excess stock of Rs. 1,32,78,233/- found from business premises as unexplained excess stock u/s 69B of the Act.

It is further clarified that the AO has made addition of Rs.6,23,94,369/- being excess stock found at business premises u/s.69B of the Act out of which Rs.4,91,16,136/- has now been held as deemed income u/s.69A of the Act and Remaining amount of Rs.1,32,78,233/- has now been held as deemed income u/s.69B of the Act. It has been held by the various Courts that misquoting of a section not fatal to the case of revenue. Hon'ble ITAT, Indore in the case of Om Prakash Patidar, HUF, ITA No. 220/Ind/2017 has confirmed the view of the CIT, Appeal, who placed reliance upon the decision of Hon'ble ITAT, Bangalore, in the case of PV Ajay Narayan, 57 TTJ 159, wherein, it has been held that mentioning of wrong section is not fatal to making an assessment under any other section. In the case of M/s SVS Oils Mills, tax appeal no. 765/2018, Hon'ble Madras High Court has held as under:-

iv) CIT(A) observed at page 121 that it has been held by various Courts that misquoting of a section is not fatal, relying upon 0m Prakash Patidar HUF in ITA no. 220/1nd/2017 and M/S SVS Oils Mills in tax appeal no. 765/2018 of Hon'ble Madras High Court. On page 122, he concluded that correct provisions have been applied by him.


                                                                          Uttam Kumar Agrawal


      v)    Summary of AO's & CIT(A)'s findings: -

            Particulars       Addition made by       Addition confirmed b Remarks
                              AO                     Id. CIT A
                              Sec. (IQs.)            sec. (Rs.)
            Unexplained       69B 6,23,94,369/-      69A 4,91,16,136/-
            stock       of
            jewellery   at
            shop
                                                     69B   1,32,78,233/-
            Sub-total (A)           6,23,94,369/-          6,23,94,369/-
            Unexplained     69A     3,63,68,311/-    69A   3,42,83,305/-     CIT(A)
            jewellery found                                                  deleted Rs.
            at residence                                                     20,85,006/-
                                                                             the basis of
                                                                             CBDT circular
                                                                             no. 1 91 6.
            Total (B)               9,87,62,680/-          9,66,77,674/-     Difference of
                                                                             Rs.20,85,006/-
            Less: Amount            68,28,637/-      69B   68,28,637/-
            disclosed    in
            return
            Net addition            9,19,34,043/-          8,98,49,037/-     Difference of
            (c)                                                              Rs.20,85,005/-