TMI Blog2000 (2) TMI 32X X X X Extracts X X X X X X X X Extracts X X X X ..... prosecuted by the respondents under sections 276C and 277 of the Income-tax Act, 1961, read with section 279(1) of the Income-tax Act on the ground that the petitioner has committed a default of concealing his income by making false entries and statements, etc., by undervaluing the closing stock for the assessment year 1979-80. The accused/petitioner filed an application before the Metropolitan M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... counsel for the Revenue I am unable to agree with the observations made by the magistrate in view of the recent position of law in this regard as laid down by the Supreme Court and particularly when the offence is said to have been committed because of a particular valuation and when the Departmental authorities have themselves given findings that the method of valuation adopted by the petitioner ..... X X X X Extracts X X X X X X X X Extracts X X X X
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