https://www.taxtmi.com/caselaws?id=215185 The Tribunal allowed the appeal, ruling in favor of the assessee by deleting the addition on account of undervaluation of stock of silver. It upheld the consistent accounting method of the assessee and emphasized that notional income should not be taxed, only real income. The Tribunal concluded that the Assessing Officer should not have presumed profit on the notional value of gained silver, especially when the actual profit would be realized upon sale. The entire addition of Rs. 21,07,555/- was deleted. en-us Fri, 25 May 2012 00:00:00 +0530 Fri, 27 Jul 2012 06:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215185 The Tribunal allowed the appeal, ruling in favor of the assessee by deleting the addition on account of undervaluation of stock of silver. It upheld the consistent accounting method of the assessee and emphasized that notional income should not be taxed, only real income. The Tribunal concluded that the Assessing Officer should not have presumed profit on the notional value of gained silver, especially when the actual profit would be realized upon sale. The entire addition of Rs. 21,07,555/- was deleted. Case-Laws Income Tax Fri, 25 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215185