https://www.taxtmi.com/caselaws?id=33979 The High Court dismissed the Revenue's appeal, upholding the lower authorities' decisions. The court found that the value of plant and machinery not reflected in the closing stock should not be included as income due to valid reasons for the discrepancy. Additionally, the court upheld the deletion of a sum added towards the closing stock, as the stock was governed by excise rules and had different values for Departmental and banking purposes. Both substantial questions were answered against the Revenue. en-us Tue, 19 Aug 2008 00:00:00 +0530 Fri, 16 Sep 2011 16:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33979 The High Court dismissed the Revenue's appeal, upholding the lower authorities' decisions. The court found that the value of plant and machinery not reflected in the closing stock should not be included as income due to valid reasons for the discrepancy. Additionally, the court upheld the deletion of a sum added towards the closing stock, as the stock was governed by excise rules and had different values for Departmental and banking purposes. Both substantial questions were answered against the Revenue. Case-Laws Income Tax Tue, 19 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33979