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        Case ID :
        Income Tax

        Audited financial statements were treated as the reliable basis...

        Audited financial statements prevail over unaudited tally data where opening work-in-progress causes an apparent closing balance difference.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Audited financial statements were treated as the reliable basis for determining closing work-in-progress where unaudited tally-generated data showed a difference caused by adding, rather than excluding, opening work-in-progress. As the audited accounts correctly reflected the brought-forward opening balance and the relevant year's closing work-in-progress, no discrepancy remained to support an addition based solely on unaudited data. The discussion states that the addition for the alleged difference in closing work-in-progress, as well as the stock-in-trade difference, was deleted.
                                Note: It is a system-generated summary and is for quick reference only.
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                                  ActsIncome Tax
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