https://www.taxtmi.com/caselaws?id=244981 The court dismissed the Revenue's writ petition challenging the Income Tax Settlement Commission (ITSC) order, which estimated the assessee's income at 8% of total turnover. The Revenue sought rectification for undervaluation of unsold land's closing stock, but the ITSC majority rejected the application, citing no initial dispute on stock value. The minority favored rectification, pointing out a valuation mistake. The court upheld the ITSC's decision, emphasizing the validity of the income estimation method and denying rectification for alleged undervaluation. en-us Fri, 07 Mar 2014 00:00:00 +0530 Fri, 14 Mar 2014 07:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244981 The court dismissed the Revenue's writ petition challenging the Income Tax Settlement Commission (ITSC) order, which estimated the assessee's income at 8% of total turnover. The Revenue sought rectification for undervaluation of unsold land's closing stock, but the ITSC majority rejected the application, citing no initial dispute on stock value. The minority favored rectification, pointing out a valuation mistake. The court upheld the ITSC's decision, emphasizing the validity of the income estimation method and denying rectification for alleged undervaluation. Case-Laws Income Tax Fri, 07 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244981