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TMI Blog2020 (10) TMI 427X X X X Extracts X X X X X X X X Extracts X X X X ..... pellant : Mr.R.Vijayaraghavan for Mr.Venkata Narayanan for M/s Subbaraya Aiyar Padmanaban For Respondent : Mr.M.Swaminathan Senior Standing Counsel Mr.V.Pushpa Junior Standing Counsel J U D G M E N T [Judgment of the Court was delivered by T.S.SIVAGNANAM, J.] This appeal, at the instance of the assessee filed under Section 260A of the Income Tax Act, 1961 (the 'Act' for brevity) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... revised income of Rs. 2,26,55,730/-. The case was selected for scrutiny and notice under Section 143(2) of the Act was issued on 12.08.2013. Subsequently, notice under Section 142(1) of the Act was issued along with questionnaire. The assessee produced the details called for pursuant to such notice. The business of assessee's firm was taken over by a private limited company on 08.01.2012 toget ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot accepted by the Department in the earlier years and additions were made to the extent of closing stock. Accordingly, the assessing officer held that the closing stamp has been under valued by Rs. 30,58,131/- and this was added to the total income. 5. The assessee aggrieved by such order, preferred an appeal before the Commissioner of Income Tax, [Appeals] 18, [for brevity 'CITA'] Chenn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment period was restricted from 01.04.2011 to 07.01.2012. Before us the endevaour of the assessee is to convince us that the valuation of the closing stock would arise only when the stock continues to be held by the assessee in the next year and not in a case where the business of the assessee along with the stock was taken over by the company on 08.01.2012. 8. It is the further submission that w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e revenue did not dispute the fact that the business of the assessee along with the stock was taken over by the company on 08.01.2012, therefore, we deem it appropriate to remand the matter to the assessing officer for fresh consideration on this aspect after due opportunity to the assessee. For the above reasons, the Tax case Appeal is allowed. The impugned order passed by the Tribunal is set as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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