https://www.taxtmi.com/caselaws?id=221504 The Court held that the Assessing Officer cannot make additions to the turnover and profit of the assessee based solely on information obtained from a search, when the sales tax returns have been accepted by the sales tax authorities. The Court emphasized that unless there is a discrepancy in closing stock between the assessee and the sales tax authorities, the accepted sales tax return is binding on the Income Tax Authorities. The Tribunal's decision to rely on the sales tax figures and Gross Profit rate was upheld, except for the assessment year 2002-2003 where the matter was remitted back for further assessment due to the absence of sales tax return materials. en-us Mon, 04 Mar 2013 00:00:00 +0530 Tue, 02 Jul 2013 12:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221504 The Court held that the Assessing Officer cannot make additions to the turnover and profit of the assessee based solely on information obtained from a search, when the sales tax returns have been accepted by the sales tax authorities. The Court emphasized that unless there is a discrepancy in closing stock between the assessee and the sales tax authorities, the accepted sales tax return is binding on the Income Tax Authorities. The Tribunal's decision to rely on the sales tax figures and Gross Profit rate was upheld, except for the assessment year 2002-2003 where the matter was remitted back for further assessment due to the absence of sales tax return materials. Case-Laws Income Tax Mon, 04 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221504