https://www.taxtmi.com/caselaws?id=182248 The High Court of Karnataka set aside the orders of the lower authorities and remanded the case to the assessing officer for re-consideration. The court found that the assessing company did not disclose accurate profits and gains when valuing the closing stock, and that established legal principles were not properly applied. The assessee and revenue were allowed to submit additional evidence, and the Tribunal was to be informed of the court's decision as per statutory requirements under the Act. en-us Mon, 26 Nov 2007 00:00:00 +0530 Fri, 06 May 2016 10:52:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182248 The High Court of Karnataka set aside the orders of the lower authorities and remanded the case to the assessing officer for re-consideration. The court found that the assessing company did not disclose accurate profits and gains when valuing the closing stock, and that established legal principles were not properly applied. The assessee and revenue were allowed to submit additional evidence, and the Tribunal was to be informed of the court's decision as per statutory requirements under the Act. Case-Laws Income Tax Mon, 26 Nov 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182248