Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (7) TMI 262 - GUJARAT HIGH COURTRestriction of addition on excess stock – Held that:- The Tribunal was of the view that there was an incongruity for which an addition is quite reasonable - owing to this calculation any leakage is covered up - An average rate of Finished, Semi Finished and raw material is 16.14/kg - This is to be applied on 24700 kg. In terms of amount the value comes to ₹ 4,07,303 - the issue is predominantly based on factual matrix - both the CIT(A) and the Tribunal have treated the issue elaborately and concluded in favour of the assessee - Tribunal had undertaken the entire exercise of computation - on examining the summary of stock valuation and other relevant materials, it reconciled the entire material and concluded that the AO was not right in making additions – Thus, the order of the Tribunal is upheld – Decided against Revenue.
|