https://www.taxtmi.com/caselaws?id=774252 HC dismissed revision petition filed by assessee challenging addition of entire stock shortage amount found during Central Excise survey. Assessee argued only gross profit should be added, not full shortage value. Court held that since shortage represented sales outside books of accounts, entire amount constituted taxable income as raw material costs were already accounted in regular books. Assessee had accepted discrepancy and paid excise duty on shortage amount but failed to provide satisfactory explanation during assessment proceedings. Court noted penalty proceedings are separate from assessment proceedings, making revision petition unhelpful for appellate proceedings under Section 271(1)(c). en-us Wed, 02 Jul 2025 00:00:00 +0530 Sat, 05 Jul 2025 08:47:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774252 HC dismissed revision petition filed by assessee challenging addition of entire stock shortage amount found during Central Excise survey. Assessee argued only gross profit should be added, not full shortage value. Court held that since shortage represented sales outside books of accounts, entire amount constituted taxable income as raw material costs were already accounted in regular books. Assessee had accepted discrepancy and paid excise duty on shortage amount but failed to provide satisfactory explanation during assessment proceedings. Court noted penalty proceedings are separate from assessment proceedings, making revision petition unhelpful for appellate proceedings under Section 271(1)(c). Case-Laws Income Tax Wed, 02 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774252