TMI Blog2006 (11) TMI 118X X X X Extracts X X X X X X X X Extracts X X X X ..... ejected. - ITA (LOD.) No. 360/03 and I. T. A. No. 367Bom/93. - - - Dated:- 27-11-2006 - H. L. GOKHALE and J. P. DEVADHAR JJ. JUDGMENT 1.The appeal is taken on board for admission. Heard Mr. Kotangale for the appellant. Mr. Sathe appears for the respondent. 2. The appeal is concerning the decision of the Income-tax Appellate Tribunal for the assessment year 1991-92. Two questions of law ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s clearly held that the valuation of the stock declared to the bank is in fact inflated and that the correct valuation of the stock was not suppressed from the Revenue. The Tribunal has relied on the judgment of the Madras High Court in the case of CIT v. N. Swamy [2000] 241 ITR 363. There the Division Bench has held that the burden of proof in such a case is on the Revenue and the same could ..... X X X X Extracts X X X X X X X X Extracts X X X X
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