Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (11) TMI 48 - ORISSA HIGH COURTAddition of unexplained cash balance justified or not – Held that:- Tribunal was rightly of the view that the stock is valued on a given date according to the method of accounting following consistent basis to ensure that settled position is not unsettled by unreasonable suspicion and surmises - no material has been discovered to make a departure of valuing the stock giving rise to block assessment and resorting to practice of adoption of GP rate so a deficit will come out - the goods are valued by the Department on M.R.P. basis without due regard to the cost thereof - the decision on the issue is an adjudication of a factual aspect - even if two views are possible, the view taken by the Tribunal is not liable to be interfered with u/s 260A – no substantial question of law arises for consideration – Decided against revenue.
|