TMI Blog2004 (7) TMI 49X X X X Extracts X X X X X X X X Extracts X X X X ..... no power to scrutinise the return submitted by the respondent/assessee to the commercial tax department under the provisions of the TNGST Act and as accepted by the said authorities, unless otherwise it is varied or modified by the authorities under the TNGST Act Therefore, the Assessing Officer does not have any jurisdiction to go beyond the value of the closing stock declared by the respondent-assesses and accepted by the commercial tax department. – revenue appeal rejected - - - - - Dated:- 23-7-2004 - Judge(s): P. D. DINAKARAN., N. KANNADASAN. JUDGMENT The judgment of the court was delivered by P.D. Dinakaran J. - The appeal is directed against the order of the Income-tax Appellate Tribunal dated May 12, 2003, made in I.T.A. N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der section 148 of the Income-tax Act. During the search operation, a note book was seized which showed closing stock to the value of Rs. 7,51,186 as on March 31, 1993. Another note book was also seized from the assessee's premises which showed the closing stock to the value of Rs. 10,00,359. As there was no satisfactory explanation for the difference of Rs. 2,49,173, the said amount was brought to tax under section 69 of the Act. Aggrieved by the same, the assessee filed an appeal before the Commissioner of Income-tax (Appeals), who accepted Rs. 7,51,186 as the value of the closing stock of the assessee and the same was also confirmed by the Income-tax Appellate Tribunal by an order dated May 13, 2003, against which the above appeal has be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n to what extent the accounts scrutinized and certified by the authorities under the Companies Act with reference to the books of profit as well as net profit, particularly net profit in the profit and loss account prepared in accordance with Parts II and II of Schedule VI to the Companies Act is binding on the Assessing Officer under the Income-tax Act, the apex court held that the Assessing Officer has only the power of examining whether the books of account are certified by the authorities under the Companies Act as having been properly maintained in accordance with the Companies Act. That apart, any falsification in the books of account submitted before the authorities under the Companies Act would have penal consequences, and the pos ..... X X X X Extracts X X X X X X X X Extracts X X X X
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