https://www.taxtmi.com/caselaws?id=249225 The High Court upheld the decision of the lower authorities in a tax appeal case involving a challenge by the Revenue regarding the addition on account of excess stock valuation. The Court found no reason to interfere as the Assessing Officer's reliance on a retracted statement was not substantiated by independent evidence. The Tribunal's recalculated addition based on stock weight differences was deemed justified, leading to the deletion of the entire addition by the CIT(Appeals). The Court dismissed the appeal, stating that no legal issue arose from the factual findings in the case. en-us Wed, 07 May 2014 00:00:00 +0530 Tue, 08 Jul 2014 09:00:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249225 The High Court upheld the decision of the lower authorities in a tax appeal case involving a challenge by the Revenue regarding the addition on account of excess stock valuation. The Court found no reason to interfere as the Assessing Officer's reliance on a retracted statement was not substantiated by independent evidence. The Tribunal's recalculated addition based on stock weight differences was deemed justified, leading to the deletion of the entire addition by the CIT(Appeals). The Court dismissed the appeal, stating that no legal issue arose from the factual findings in the case. Case-Laws Income Tax Wed, 07 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249225