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2004 (1) TMI 40 - HC - Income TaxFinding of Tribunal – cogent reasons for reducing the additions - "Whether the finding of the Tribunal confirming an ad hoc addition of Rs. 1,50,000 out of Rs. 2,00,000 made by the Assessing Officer on account of alleged excess stock was perverse and without any material to support the finding?" - Tribunal ought to have examined the matter as to why it would like to interfere and reduce the amount of Rs. 2 lakhs to Rs. 1.5 lakhs or ought to have arrived at a conclusion that addition is not required to be made - After holding that the Assessing Officer had not given the basis for arriving at the estimate of Rs. 2 lakhs it committed the same error by ordering an ad hoc addition of Rs. 1.5 lakhs, without any cogent reasons or basis. Such a finding, which is without any basis amounts to a perverse finding.
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