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2009 (8) TMI 101

..... increased - The assessee opted for the Kar Vivad Samadhan Scheme, 1998, (KVSS) and paid the tax payable on the basis of the increased income - Accordingly, the assessee herein moved an application under section 154 requesting the Assessing Officer to give consequential effect to the order passed earlier - The Assessing Officer rejected the application Held that application for rectification for .....

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..... 1998, the Assessing Officer made an addition of Rs. 9,77,529 to the value of the closing stock and as a result the total income of the assessee stood increased from Rs. 3,40,526 to Rs. 13,18,055. The assessee opted for the Kar Vivad Samadhan Scheme, 1998, (KVSS) and paid the tax payable on the basis of the increased income amounting to Rs. 13,18,055 for the assessment year 1995-96. Accordingly, t .....

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..... tock of the earlier year has to from the opening stock of the next accounting year. In the present case, we find that after the alleged suppression of the work-in-progress came to be detected, a declaration was filed under the KVS Scheme on the basis of the order passed by the Assessing Officer on February 27, 1998 which declaration was accepted by the designated authority (presumably after obtain .....

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