https://www.taxtmi.com/caselaws?id=360607 The High Court affirmed the Tribunal's decision to uphold additions made during reassessment of a Private Limited Company's income tax return for A.Y. 2003-04. Despite discrepancies in stock valuation, the Assessing Officer added undisclosed income, adjusting the Gross Profit rate. The Court held that the officer's actions were justified, rejecting the company's explanations and citing precedent that no additional additions could be made beyond the reasons for reopening assessment. The appeal was dismissed, and the matter was referred back to the Assessing Officer for further review. en-us Mon, 30 Apr 2018 00:00:00 +0530 Sat, 19 May 2018 15:32:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360607 The High Court affirmed the Tribunal's decision to uphold additions made during reassessment of a Private Limited Company's income tax return for A.Y. 2003-04. Despite discrepancies in stock valuation, the Assessing Officer added undisclosed income, adjusting the Gross Profit rate. The Court held that the officer's actions were justified, rejecting the company's explanations and citing precedent that no additional additions could be made beyond the reasons for reopening assessment. The appeal was dismissed, and the matter was referred back to the Assessing Officer for further review. Case-Laws Income Tax Mon, 30 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360607