Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2016 (6) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (6) TMI 900 - HC - Income TaxReopening of assessment - assessee ought to have included CENVAT and VAT amounts lying in balance in the accounts of the assessee for the purpose of valuation of closing stock - Held that:- As during assessing process itself, the assessee had pointed out the method of accounting which was exclusive of excise duty and other taxes. The Assessing Officer had not made any additions on this ground. Permitting re-opening would be on mere change of opinion. Additionally, it also appears that valuation of stocks, opening as well as closing, non-inclusion of CENVAT/VAT which remained in the account of the assessee at the relevant time, would not alter tax liability. Be that as it may. On the first ground itself, we are convinced that reassessment is not permissible. - Decided in favour of assessee
|