2005 (11) TMI 26 - SUPREME COURT

Export - firm engaged in the imports of synthetic waste and manufacture and export of woolen blankets - power exercised by the Assessing Officer under section 145 - income which has not been derived by the assessee cannot be said to be the income chargeable for income-tax and, therefore, the rejection of the accounts maintained by the assessee for the valuation of the closing stock by the Assessing Officer and confirmed by the High Court is in accordance with law.