Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2004 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2004 (7) TMI 49 - HC - Income TaxUndisclosed income – addition u/s 69 - Whether Tribunal was right in deleting the addition of Rs. 2,49,173 made under section 69 of the Income-tax Act being the difference between the value of closing stock as found in the seized document and the value of Rs. 7,51,186 admitted by the assessee? - unless and until the competent authority under the Sales Tax Act differs or varies with the closing stock of the assessee, the return accepted by the commercial tax department under the TNGST (Tami Nadu General Sales Tax ) Act, is, in our opinion, binding on the income-tax authorities and the AO, therefore, has no power to scrutinise the return submitted by the respondent/assessee to the commercial tax department under the provisions of the TNGST Act and as accepted by the said authorities, unless otherwise it is varied or modified by the authorities under the TNGST Act Therefore, the Assessing Officer does not have any jurisdiction to go beyond the value of the closing stock declared by the respondent-assesses and accepted by the commercial tax department. – revenue appeal rejected
|