https://www.taxtmi.com/caselaws?id=241502 The case involved a State Government Undertaking assessed as a Public Limited Company for the assessment year 1977-78. The Assessing Officer (AO) made additions for unverified stocks and scrap value, which were later deleted by the first appellate authority and upheld by the Tribunal. The High Court rejected the Department's reference application, affirming the Tribunal's decision that the additions were speculative estimations and not based on legal issues. The Court emphasized the factual nature of estimations and upheld the Tribunal's order, confirming the rejection of the reference application. en-us Fri, 20 Dec 2013 00:00:00 +0530 Wed, 25 Dec 2013 19:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241502 The case involved a State Government Undertaking assessed as a Public Limited Company for the assessment year 1977-78. The Assessing Officer (AO) made additions for unverified stocks and scrap value, which were later deleted by the first appellate authority and upheld by the Tribunal. The High Court rejected the Department's reference application, affirming the Tribunal's decision that the additions were speculative estimations and not based on legal issues. The Court emphasized the factual nature of estimations and upheld the Tribunal's order, confirming the rejection of the reference application. Case-Laws Income Tax Fri, 20 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241502