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M/s. L.M. PATEL AND SONS Versus DY. COMMISSIONER OF INCOME TAXCIRCLE 1 (2)

Addition towards adjustment entry of closing stock valuation as a consequential effect to the accepted ‘VDIS’ proceedings - Held that:- Necessary entry in the trading account has since been made to give effect to the under valuation of stock pertaining to the earlier year which was declared under the VDIS Scheme. The reconstructed trading account as stated in the submission of the appellant clarifies the position in this regard. It is therefore held that necessary effect to the VDIS declaration .....

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JHAVERI) 1. Being aggrieved and dissatisfied with the impugned judgment and order passed by the Income Tax Appellate Tribunal, Ahmedabad Bench D camp at Baroda (hereinafter referred to as the Tribunal ) dated 04.08.2006 in ITA No. 2106/Ahd/2002 for the Assessment Year 1998-99, the assessee has preferred the present Tax Appeal for consideration of the following substantial question of law: Whether on the facts the Tribunal is right in law in upholding the addition of ₹ 9,44,771/- towards ad .....

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ct of debit of an amount of ₹ 9,44,771/- on account of prior period adjustments which was a consequential effect due to the declaration under the Voluntary Disclosure Income Scheme, 1997 on account of revised valuation of closing stock for the preceding assessment year 1997-98. On appeal the CIT (Appeals) allowed the same. 3. On appeal before the Tribunal by the revenue, by impugned judgment and order, Tribunal reversed the findings of CIT(A). Being aggrieved and dissatisfied with the impu .....

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ng increase in stock in trade for the current assessment year under appeal had to be done as a consequential effect in the opening stock of the current assessment year by passing the prior period adjustment entry as per the established principles of accountancy. Mr. Karia has drawn the attention of this Court to the Trading - Profit & Loss Account for the relevant year and the preceding year and submitted that the same clearly indicate that there has been no suppression of gross profit as co .....

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