1982 (1) TMI 101

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..... The assessee carries on business of Deshi Khand, inter alia. Whereas the assessee valued the closing stock of Deshi Khand @ Rs. 300 per quintal, the ITO valued the same at the rate of Rs. 400 per quintal. This is how, an addition of Rs. 9,000 was made and penalty proceedings were initiated for having furnished inaccurate particulars of income, as the closing stock of Deshi Khand was purportedly ....

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....er, the sale rate ranged from Rs. 405 to Rs. 435. There was no sale in the month of January. The sale rates constantly have gone down in the month of February and March. The submission of the assessee is that considering the fluctuations of the sale rates, the closing stock of Deshi Khand had been valued @ Rs. 300 per quintal. The submission of Shri Singhal is that the assessee may be wrong in val....