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2009 (3) TMI 379 - HC - Income TaxUndisclosed income - During the course of search, the search party did not find any incriminating material against the assessee-respondent. However, discrepancy was alleged to have been found in stock of raw materials and finished products during search. The Assessing Officer valued the excess stock at Rs. 30,880 and treated the same as undisclosed income of the assessee-respondent - Needless to say that discrepancy worked out on the basis of estimation of quantity and value of stock is not accurate, correct and scientific. Therefore, in the absence of any defect found out in the books of account, maintained in the regular course of business, no addition can be made to the income disclosed by the assessee in its return of income on the basis of discrepancy worked out on estimation of stock - held that no addition can be made on the basis of the discrepancy worked out on estimation
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