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Undervaluation of closing stock at Karimnagar unit vis-`a-vis TADA premises rejected by CIT(A) based on quality differences. Variation in dispatched and invoiced quantum of raw blocks from Karimnagar accepted by CIT(A) as natural in business. AO directed to recompute addition allowing 40% as damaged/unsaleable granite after examining books. CIT(A) empowered to admit additional evidence during appeal by giving AO opportunity. No violation of natural justice as AO considered assessee's submissions filed before CIT(A). Revenue's appeal against CIT(A)'s order dismissed by ITAT.
Undervaluation of closing stock at Karimnagar unit vis-`a-vis TADA premises rejected by CIT(A) based on quality differences. Variation in dispatched and invoiced quantum of raw blocks from Karimnagar accepted by CIT(A) as natural in business. AO directed to recompute addition allowing 40% as damaged/unsaleable granite after examining books. CIT(A) empowered to admit additional evidence during appeal by giving AO opportunity. No violation of natural justice as AO considered assessee's submissions filed before CIT(A). Revenue's appeal against CIT(A)'s order dismissed by ITAT.
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