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2009 (6) TMI 531 - HC - Income TaxRejection of accounts- The Tribunal had invoked the provisions of section 145 of the Income Tax Act, 1961, after pinpointing variation in adopting low rate sale particularly to the sister concern. The Tribunal had accepted the findings of the assessing officer based on proper appreciation of material evidence on record and further adding income of Rs. 15,22,651 to fasten tax liability which was on the basis of the valuation of 42, 816 kgs properly indicated in the order of the assessment to arrive at that figure. The finding recorded by the Tribunal was just and proper and based on facts and the material evidence on record and the same did not call for interference in the appeal.
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