https://www.taxtmi.com/caselaws?id=220865 Acceptance of disclosure under a voluntary disclosure scheme for earlier years must be given consequential effect in a later assessment year, and the declared stock, cash and sundry debtors may be treated as opening balances unless the Revenue shows sale, exhaustion or some other basis for cessation within a reasonable period. The Court applied the presumption of continuation to reject the view that the accepted disclosure could be ignored as involuntary. A separate claim for a further 5% reduction in stock value for damaged or outdated goods was held to be a factual question, and no general question of law arose on that point. en-us Fri, 01 Feb 2013 00:00:00 +0530 Fri, 28 Jun 2013 15:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220865 Acceptance of disclosure under a voluntary disclosure scheme for earlier years must be given consequential effect in a later assessment year, and the declared stock, cash and sundry debtors may be treated as opening balances unless the Revenue shows sale, exhaustion or some other basis for cessation within a reasonable period. The Court applied the presumption of continuation to reject the view that the accepted disclosure could be ignored as involuntary. A separate claim for a further 5% reduction in stock value for damaged or outdated goods was held to be a factual question, and no general question of law arose on that point. Case-Laws Income Tax Fri, 01 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220865