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2005 (11) TMI 36 - MADRAS HIGH COURTIncome from Undisclosed Sources – Additions - "1. Whether the Tribunal is correct in concluding that the addition being the difference in valuation of closing stock as at March 31, 1994, applying different method of valuation by the respondent/Assessing Officer in contrast to the facts existed in the earlier years was justified, based on assumption of certain facts? 2. Whether the Tribunal is correct in confirming the said addition consequent to the revaluation of closing stock of cotton upon ignoring the consistent method of valuation of the said stock of cotton based on 'cost or market price whichever is lower', adopted by the appellant over the period of years and accepted in assessments framed in those years?" - finding of Tribunal that the explanation offered by the assessee was not found to be bona fide and thus concealed the income to evade tax and this attracts the provisions of section 271(1)(c) are well founded - substantial questions of law raised in the above appeals are answered in the affirmative against the assessee
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