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Principal Commissioner of Income-Tax-08 Versus M/s Shruti Fastners Ltd.

Reopening of assessment - difference between the closing stock as shown in the books of accounts produced and in the account as shown in the document recovered from the CPU - whether figures obtained from the hard disk of the CPU must be given credence over the figures in the books of accounts produced before the AO and in particular the stock register maintained by the Assessee - Held that:- ITAT has given cogent reasons as to why the case of the Revenue cannot be accepted. Inter alia, it is po .....

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d figure of net profit is taken out from the print out of the rough document from the CPU/hard disk and adopted for assessment of total income. Such an approach cannot be approved - Decided against revenue - ITA No. 162/2016 - Dated:- 1-3-2016 - S. Muralidhar And Vibhu Bakhru, JJ. For the Appellant : Mr Dileep Shivpuri, Senior Standing Counsel with Mr Zoheb Hossain, Junior Standing Counsel ORDER CM No. 6934/2016 1. For the reasons stated in the application, the same is allowed. 2. The applicatio .....

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adequate opportunity to the Assessee. 5. Pursuant to a survey undertaken under Section 133A of the Act on 7th September 2006, a hard disk/CPU in the premises of the Assessee was impounded. The CPU showed that the Assessee had received accommodation entries and that there was a huge difference between the closing stock as shown in the books of accounts produced and in the account as shown in the document recovered from the CPU. Accordingly, a notice under Section 148 of the Act was issued. 6. A .....

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