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2017 (3) TMI 985 - HC - Income TaxDeduction of excess stock found on the date of survey - Karta of HUF liability - Held that:- CIT(A) as well as the Tribunal have rendered a concurrent finding of fact that the stock found on the date of survey to the extent of the value of ₹ 79.91 lakhs did not belong to the respondent assessee but to its karta in his individual capacity. Thus, to the above extent, it could not be added to its closing stock. This concurrent finding of fact has not been shown to be perverse in any manner.Thus, the proposed questions do not give rise to any substantial question of law. Thus, not entertained. Non accepting the sale price of furniture - Value of closing stock at lower than the tag price - Held that:- On the basis of the above facts, we find that the value of closing stock at lower than the tag price of the furniture by 50% so held by the Tribunal is a possible view. No substantial question of law.
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