Court Deletes Additions Due to Revenue's Lack of Evidence on Stock Valuation; Assessee Not Required to Justify Case.

Court Deletes Additions Due to Revenue's Lack of Evidence on Stock Valuation; Assessee Not Required to Justify Case. https://www.taxtmi.com/highlights?id=54720 Under-valuation of closing stock - The onus to establish escapement of income is on the Revenue, which it has completely failed to, with there being no charge of the assessee being not cooperative, or having not, on asking, furnished the relevant details. It is a clear case of non-application of mind by the Revenue. It would therefore be unfair to call upon the assessee to, after lapse of a number of years, justify its case. - Additions deleted - AT en-us Fri, 11 Sep 2020 15:10:49 +0530 Fri, 11 Sep 2020 15:10:49 +0530 TaxTMI RSS Generator Court Deletes Additions Due to Revenue's Lack of Evidence on Stock Valuation; Assessee Not Required to Justify Case. https://www.taxtmi.com/highlights?id=54720 Under-valuation of closing stock - The onus to establish escapement of income is on the Revenue, which it has completely failed to, with there being no charge of the assessee being not cooperative, or having not, on asking, furnished the relevant details. It is a clear case of non-application of mind by the Revenue. It would therefore be unfair to call upon the assessee to, after lapse of a number of years, justify its case. - Additions deleted - AT Highlights Income Tax Fri, 11 Sep 2020 15:10:49 +0530 https://www.taxtmi.com/highlights?id=54720