https://www.taxtmi.com/caselaws?id=311749 The ITAT Jaipur quashed the reopening of assessment u/s 147 as the Add. CIT failed to record proper satisfaction before issuing notice u/s 148, merely noting approval without applying mind or providing reasoning. The tribunal deleted additions made for undervaluation of closing stock regarding rejected goods and stock with job units. For rejected goods, the tribunal held that items restricted from sale under agreement had nil value, and symbolic valuation of Rs.25 per piece was justified. Regarding job unit stock, the tribunal found the AO's enhancement from fabric cost to finished goods rate lacked evidence and was tax-neutral as corresponding expenditure would be allowable. en-us Wed, 22 May 2019 00:00:00 +0530 Thu, 11 Jan 2024 09:26:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311749 The ITAT Jaipur quashed the reopening of assessment u/s 147 as the Add. CIT failed to record proper satisfaction before issuing notice u/s 148, merely noting approval without applying mind or providing reasoning. The tribunal deleted additions made for undervaluation of closing stock regarding rejected goods and stock with job units. For rejected goods, the tribunal held that items restricted from sale under agreement had nil value, and symbolic valuation of Rs.25 per piece was justified. Regarding job unit stock, the tribunal found the AO's enhancement from fabric cost to finished goods rate lacked evidence and was tax-neutral as corresponding expenditure would be allowable. Case-Laws Income Tax Wed, 22 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311749