Scope of judicial review under Article 226: supervisory, not appellate; factual reappraisal barred, challenge dismissed; insolvency professional dutie...
Courier transshipment of imported goods via named carrier to air cargo stations renewed until 30.01.2026; exemption conditional, strict controls apply...
Insurer's investment gains and investment write-downs face Section 263 revision; enquiry upheld, Rule 5(b)(ii) lapse sustained, late corrigendum quash...
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Undervaluation of closing stock was addressed by accepting contemporaneous excise records and purchase ledgers as displacing the Assessing Officer's arithmetic shortfall, the typographical repetition in Form 3CD being found non-determinative; consequence: quantity-based addition deleted. Valuation was held consistent with the accounting principle of lower of cost or net realisable value where the assessee proved stock damage from heavy rains, and the reduced market valuation was accepted; consequence: value-based addition deleted. The AO's separate addition for 'variation in stock' after valuing closing stock was treated as impermissible double addition and deleted; Revenue's appeal dismissed.
Undervaluation of closing stock was addressed by accepting contemporaneous excise records and purchase ledgers as displacing the Assessing Officer's arithmetic shortfall, the typographical repetition in Form 3CD being found non-determinative; consequence: quantity-based addition deleted. Valuation was held consistent with the accounting principle of lower of cost or net realisable value where the assessee proved stock damage from heavy rains, and the reduced market valuation was accepted; consequence: value-based addition deleted. The AO's separate addition for 'variation in stock' after valuing closing stock was treated as impermissible double addition and deleted; Revenue's appeal dismissed.
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