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2015 (1) TMI 437 - HC - Income TaxRevision u/s 263 - CIT noted that there is huge difference in valuation - prejudicial and erroneous order - Held that:- A perusal of the inventory regarding finished goods reveals that finished blankets are 13822 pieces, but while arriving at the figure of 25687 of finished blankets, the CIT included unfinished goods and raw material. We have also perused a copy of the paper book filed before the ITAT which contains the inventory of finished, unfinished goods and raw material that prove the factual error committed by the CIT. The Tribunal has after referring to these errors rightly recorded a finding that at its best the case against the assessee was one short assessment which had already been taken care of by the Assessing Officer by adding a substantial amount to the income of the assessee. - Decided against Revenue.
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