https://www.taxtmi.com/caselaws?id=205749 The Tribunal set aside the CIT(A)'s order on the valuation of undeclared scrap stock, restoring it for a fresh speaking order. It determined the surrendered income as "income from other sources" and dismissed the appeal on separate profit on scrap sale. The estimation of wastage was to be reconsidered by the CIT(A) in light of historical data. The net profit rate from the previous year was to be applied, with directions to assess electricity consumption and wastage impact on production and profits. The matters were remanded to the CIT(A) for a fair reassessment based on specified guidelines. en-us Fri, 21 Jan 2011 00:00:00 +0530 Wed, 21 Sep 2011 01:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205749 The Tribunal set aside the CIT(A)'s order on the valuation of undeclared scrap stock, restoring it for a fresh speaking order. It determined the surrendered income as "income from other sources" and dismissed the appeal on separate profit on scrap sale. The estimation of wastage was to be reconsidered by the CIT(A) in light of historical data. The net profit rate from the previous year was to be applied, with directions to assess electricity consumption and wastage impact on production and profits. The matters were remanded to the CIT(A) for a fair reassessment based on specified guidelines. Case-Laws Income Tax Fri, 21 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205749