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2010 (1) TMI 271 - HC - Income TaxRe-Assessment- Whether in the facts and circumstances of the case the hon’ble Tribunal was right in confirming the order of the Commissioner of Income-tax (Appeals) by directing to take the figure of closing stock of the immediately preceding year based on provisional accounts as opening stock of current year instead of the figure of opening stock available as per the audited accounts and adopted by the Assessing Officer? Held that- once the factual position was similar in respect of the earlier assessment years, for the disputed assessment year 2003-04 no different view could be taken. The Tribunal was right in confirming the order of the Commissioner (Appeals) directing the Assessing Officer to take the figure of closing stock of the immediately preceding year based on the provisional accounts.
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