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2004 (11) TMI 47 - HC - Income TaxAddition on account of suppression of stock of steel rounds – "(1) Whether, Tribunal are right in deleting the addition of Rs. 1,11,015 on account of suppression of stock of steel rounds? (2) Whether, when the Income-tax Officer with due approval of the Inspecting Assistant Commissioner had made the addition of Rs. 1,11,015, the said amount of Rs. 1,11,015 was required to be deleted? (3) Whether, the finding of Tribunal that the addition of Rs. 1,11,015 as made by ITO is not justified is correct in law and sustainable from material on record? (4) Whether, the Appellate Tribunal is right in law and on facts in holding that the addition of Rs. 4,16,932 cannot be justified under section 40A(3), in view of the exceptions contained in rule 6DD(j) of the Income-tax Rules, 1962? (5) Whether the payments of huge amounts exceeding Rs. 2,500 made by the assessee were covered by exceptions in rule 6DD(j), and, therefore, addition u/s 40A(3) was not justified in law?" - Questions are answered in favour of the assessee and against the Revenue.
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