https://www.taxtmi.com/caselaws?id=24986 The court held that the assessment completed on May 2, 1977, was valid and within the prescribed time limit. The court ruled in favor of the Revenue on this issue. Regarding the addition of Rs. 1 lakh sustained by the Appellate Assistant Commissioner, the court upheld the Tribunal's decision that no additions were warranted, finding that the sales were properly accounted for and no understatement was found. The court ruled in favor of the assessee on this issue. The parties were directed to bear their respective costs, and a copy of the judgment was ordered to be forwarded to the Income-tax Appellate Tribunal, Cochin Bench. en-us Fri, 30 Jan 1987 00:00:00 +0530 Sat, 23 Jan 2010 15:51:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24986 The court held that the assessment completed on May 2, 1977, was valid and within the prescribed time limit. The court ruled in favor of the Revenue on this issue. Regarding the addition of Rs. 1 lakh sustained by the Appellate Assistant Commissioner, the court upheld the Tribunal's decision that no additions were warranted, finding that the sales were properly accounted for and no understatement was found. The court ruled in favor of the assessee on this issue. The parties were directed to bear their respective costs, and a copy of the judgment was ordered to be forwarded to the Income-tax Appellate Tribunal, Cochin Bench. Case-Laws Income Tax Fri, 30 Jan 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24986