https://www.taxtmi.com/caselaws?id=434045 The Tribunal upheld the addition of revenue from suppressed sales of surplus bagasse stock, citing Section 145 of the Income Tax Act. The appellant's challenge regarding the valuation method and lack of evidence to refute the excess stock valuation was dismissed. The Tribunal found the assessing officer's method appropriate, as it closely matched the appellant's certificate. The absence of records led to the AO's estimation of available stock for sale, resulting in the confirmation of the addition. Ultimately, the Tribunal concluded that the AO's determination of taxable income was accurate, leading to the dismissal of the appellant's appeal. en-us Fri, 06 Jan 2023 00:00:00 +0530 Wed, 15 Feb 2023 18:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434045 The Tribunal upheld the addition of revenue from suppressed sales of surplus bagasse stock, citing Section 145 of the Income Tax Act. The appellant's challenge regarding the valuation method and lack of evidence to refute the excess stock valuation was dismissed. The Tribunal found the assessing officer's method appropriate, as it closely matched the appellant's certificate. The absence of records led to the AO's estimation of available stock for sale, resulting in the confirmation of the addition. Ultimately, the Tribunal concluded that the AO's determination of taxable income was accurate, leading to the dismissal of the appellant's appeal. Case-Laws Income Tax Fri, 06 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434045