https://www.taxtmi.com/caselaws?id=180093 The High Court upheld the deletion of the addition on account of undervaluation of closing stock, ruling in favor of the assessee based on the Tribunal's and CIT(A)'s findings. Regarding the unexplained investment in stock, the High Court clarified that the investment made in the financial year 1986-87 should be deemed as income of the assessee for the financial year 1987-88, thereby ordering the addition for the year 1987-88 and dismissing the appeal for the subsequent year. Appeal No. 11 of 2003 was allowed in part, affirming the CIT(A)'s decision for the year 1987-88. en-us Tue, 27 Nov 2007 00:00:00 +0530 Wed, 16 Mar 2016 14:30:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180093 The High Court upheld the deletion of the addition on account of undervaluation of closing stock, ruling in favor of the assessee based on the Tribunal's and CIT(A)'s findings. Regarding the unexplained investment in stock, the High Court clarified that the investment made in the financial year 1986-87 should be deemed as income of the assessee for the financial year 1987-88, thereby ordering the addition for the year 1987-88 and dismissing the appeal for the subsequent year. Appeal No. 11 of 2003 was allowed in part, affirming the CIT(A)'s decision for the year 1987-88. Case-Laws Income Tax Tue, 27 Nov 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180093