https://www.taxtmi.com/caselaws?id=218486 Stock differences and valuation variations in block assessment were not taxable as undisclosed income absent incriminating material showing unrecorded sales, excess stock, hidden business activity, or other suppressed transactions. The tribunal noted that the finished goods and work-in-progress were later accounted for, the catalyst stock was already reflected under a different description, and the valuation gap arose from differing accounting methods; only a limited raw-material discrepancy in HCO remained sustained. It further held that export-linked deduction under section 80HHC was allowable on the amount ultimately sustained, because the deduction was not barred merely due to assessment under Chapter XIV-B and the export receipts formed part of business turnover. en-us Wed, 22 Aug 2012 00:00:00 +0530 Fri, 09 Nov 2012 12:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218486 Stock differences and valuation variations in block assessment were not taxable as undisclosed income absent incriminating material showing unrecorded sales, excess stock, hidden business activity, or other suppressed transactions. The tribunal noted that the finished goods and work-in-progress were later accounted for, the catalyst stock was already reflected under a different description, and the valuation gap arose from differing accounting methods; only a limited raw-material discrepancy in HCO remained sustained. It further held that export-linked deduction under section 80HHC was allowable on the amount ultimately sustained, because the deduction was not barred merely due to assessment under Chapter XIV-B and the export receipts formed part of business turnover. Case-Laws Income Tax Wed, 22 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218486