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2011 (4) TMI 606 - HC - Income TaxDifference in stock found during survey - Determining the value of stock - the Income-tax Appellate Tribunal (for brevity 'the Tribunal') has reduced the addition of Rs. 25,89,823 made by the Assessing Officer on account of difference in valuation of stock of Rs. 6,77,600. The Tribunal observed that the discount of 50 per cent is given by the assessee on goods worth Rs. 5,13,928 and discount of 75 per cent was given on goods worth Rs. 33,12,908, no discount was claimed in respect of stock worth Rs. 67,19,861 and thus overall discount came to about 14 per cent with reference to total stock. Accordingly, the Tribunal took the value of stock at Rs. 92,00,000 as against the valuation made by the survey party at Rs. 1,05,46,697, thus giving relief of Rs. 14,46,697. - held that:- The entire case concerns about the appreciation of facts and no question of law arises. - Decided against the revenue.
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