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2011 (5) TMI 28 - HC - Income TaxSearch and seizure - Block assessment - Undisclosed income - the search party did not visit all the business branches of the appellant and the valuation made by the Department covered only the Kolkata and some of the branches of Tirupur. The figures of the stock at Mumbai, Tirpur (not covered by the Department), Delhi and stocks in transits were supplied by the appellant - Held that:- the Trial balance sheet and the Profit and Loss account tallied and has further noted that the gross profit rate of the appellant was acceptable - in the absence of any finding that any portion of the books of account maintained by the assessee was fictitious or contained wrong entry, the Assessing Officer was not entitled to make an average of discount without discarding the actual discount given by the assessee for the relevant year as appearing from the books of account.
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