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2016 (7) TMI 933 - HC - Income TaxAddition towards adjustment entry of closing stock valuation as a consequential effect to the accepted ‘VDIS’ proceedings - Held that:- Necessary entry in the trading account has since been made to give effect to the under valuation of stock pertaining to the earlier year which was declared under the VDIS Scheme. The reconstructed trading account as stated in the submission of the appellant clarifies the position in this regard. It is therefore held that necessary effect to the VDIS declaration has since been given in the case of the appellant and no further addition on this account during the assessment year under consideration is called for. Addition is therefore deleted - Decided in favour of the assessee.
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