https://www.taxtmi.com/caselaws?id=249305 The Tribunal upheld the reopening of assessment under Section 147/148 of the Income Tax Act, citing the Assessee's failure to disclose material facts fully. The valuation of closing stock as per Section 145A was deemed mandatory, rejecting the Assessee's tax neutrality argument. The CIT(A)'s enhancement of addition to Rs. 40,95,280/- was supported due to unexplained discrepancies in excise accounting. The Tribunal affirmed the CIT(A)'s order, dismissing the Assessee's appeal based on the mandatory application of Section 145A and lack of evidence for CENVAT credit reversal. en-us Thu, 19 Jun 2014 00:00:00 +0530 Thu, 10 Jul 2014 08:27:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249305 The Tribunal upheld the reopening of assessment under Section 147/148 of the Income Tax Act, citing the Assessee's failure to disclose material facts fully. The valuation of closing stock as per Section 145A was deemed mandatory, rejecting the Assessee's tax neutrality argument. The CIT(A)'s enhancement of addition to Rs. 40,95,280/- was supported due to unexplained discrepancies in excise accounting. The Tribunal affirmed the CIT(A)'s order, dismissing the Assessee's appeal based on the mandatory application of Section 145A and lack of evidence for CENVAT credit reversal. Case-Laws Income Tax Thu, 19 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249305