https://www.taxtmi.com/caselaws?id=393450 Additions for undisclosed stock investment and profit on alleged clandestine sales cannot be sustained when they rest entirely on excise findings that no longer survive. The income-tax assessments were based on the excise department's allegation of clandestine manufacture and clearance of finished goods, but the excise demand underpinning that basis was set aside by CESTAT. Once that foundation was removed, the Assessing Officer's estimations lost support and could not stand. The same reasoning applied to the second assessment year, which involved identical facts. The additions were therefore deleted on the common issue for both years. en-us Thu, 12 Mar 2020 00:00:00 +0530 Sat, 14 Mar 2020 13:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393450 Additions for undisclosed stock investment and profit on alleged clandestine sales cannot be sustained when they rest entirely on excise findings that no longer survive. The income-tax assessments were based on the excise department's allegation of clandestine manufacture and clearance of finished goods, but the excise demand underpinning that basis was set aside by CESTAT. Once that foundation was removed, the Assessing Officer's estimations lost support and could not stand. The same reasoning applied to the second assessment year, which involved identical facts. The additions were therefore deleted on the common issue for both years. Case-Laws Income Tax Thu, 12 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393450