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2010 (1) TMI 124 - HC - Income TaxUndisclosed income – discrepancy of stock - The discrepancy in the stock was on the basis of a visit by the anti-evasion Wing of the Central Excise Department of the respondent’s factory premises – CESTAT has returned a finding that there was no discrepancy in the stocks. Apart from the evidence produced by the Central Excise Department with regard to the discrepancy in stocks, there is no evidence on record which has been placed by the Income-tax Department to establish any discrepancy in the stocks – held that - appellant/Revenue has not been able to point out any independent evidence with regard to the discrepancy in stocks – no addition could be made on account of alleged discrepancy of stock – decided in favor of assessee
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