1991 (9) TMI 33

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..... We are concerned with the assessment year 1976-77 for which the accounting period ended on March 31, 1976. The respondent is the Revenue. The assessee is engaged in the business of manufacture of pharmaceuticals. During the assessment proceedings, the assessee put forward a plea that goods worth Rs. 1,56,174 got damaged and that the same should be excluded from the value of the closing stock. Th....

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.... assessee was not able to prove that goods worth Rs. 1,56,174 as on March 31, 1976, were damaged. On enquiry, the bank manager could not give the actual amount of damage. The letter dated July 22, 1978, from the bank addressed to the Income-tax Officer did not advance the case of the assessee. The plea that the sales tax authorities had accepted the explanation was found against. The Appellate Tri....

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....dition of the entire amount of Rs. 1,56,174 to the income of the assessee for the assessment year 1976-77 ?" The Appellate Tribunal held that the assessee was not able to prove that goods worth Rs. 1,56,174 were damaged as on March 31, 1976, or the date of damage and that the sales tax authorities did not give any finding about the damaged goods. The findings entered by the Appellate Tribunal are....