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2016 (8) TMI 1358 - HC - Income TaxApplication for settlement of cases u/s 245C - disclosure of income - under valuation of stock - valuation of stock - Held that:- Real objection on the part of Revenue is the acceptance by Assessee of an offer made by ITSC during proceedings for accepting an additional income and submission is that it amounts to withdrawal of application disclosing particular income and substituting the same by another quantum of income is not correct. During proceeding before ITSC, it has ample power, to go for such offer as that is the process implicit in 'settlement' and such settlement cannot be read or interpreted in a restricted and narrow manner as suggested by Shri Goel on the part of Revenue. It is the duty of Officer concerned to determine profit and loss of Assessee according to correct principles of accounting. For that purpose he may depend upon nature of business and its special character, allow certain adjustments but primary purpose and object is to deduce correct income, profit and gains. The Revenue Official cannot do without taking into account value of stock entered at the beginning and at the end of the year by assertaining difference between two. - ITSC in this case warrants no interference as there is no contravention of any provision of statute - thus writ petition lacks merits and is dismissed
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