Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (11) TMI 223 - ITAT, BANGALOREDiscrepancy and Duplication in the stock – at time of survey and the closing stock as recorded in the books of accounts - Held that:- except stating that the valuation of stock is arbitrary, the assessee has not produced any evidence to substantiate its claim. - As valuation has been done in the premises of the assessee with the assistance of the staff of the assessee and the assessee has never raised any objections about the valuation till the assessment stage - difference in the valuation is not properly explained by the assessee – no infirmity in order of the CIT(A) in confirming the addition on account of excess stock made but however gave relief to the extent of Rs.11,48,950/- on account of duplication of the stock at pages 5 and 8 of the inventory of stock made at the time of survey - In the result, the appeal filed by the Revenue as well as the assessee are dismissed.
|