https://www.taxtmi.com/caselaws?id=28034 The High Court upheld the Tribunal's decision on the valuation of unexplained stock, dismissing the Commissioner's petition seeking reference under the Income Tax Act. The Court found that the issue of entertaining fresh evidence without allowing the ITO to cross-examine witnesses was not raised in earlier proceedings and could not be considered. Additionally, the Court upheld the Tribunal's finding that the assessee had the authority to hypothecate goods returned by customers to the bank, emphasizing the binding nature of Tribunal findings on questions of fact. en-us Wed, 01 Feb 1984 00:00:00 +0530 Wed, 17 Feb 2010 14:29:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28034 The High Court upheld the Tribunal's decision on the valuation of unexplained stock, dismissing the Commissioner's petition seeking reference under the Income Tax Act. The Court found that the issue of entertaining fresh evidence without allowing the ITO to cross-examine witnesses was not raised in earlier proceedings and could not be considered. Additionally, the Court upheld the Tribunal's finding that the assessee had the authority to hypothecate goods returned by customers to the bank, emphasizing the binding nature of Tribunal findings on questions of fact. Case-Laws Income Tax Wed, 01 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28034