2012 (1) TMI 92

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....)   The present appeal under Section 260A of the Income Tax Act, 1961 impugns the order dated 17.6.2011 passed by the Income Tax Appellate Tribunal (Tribunal, for short) in the case of Panna Lal Roshan Lal Jewellers Pvt. Ltd. The appeal pertains to assessment year 2006-07. The impugned order has been passed by the tribunal in ITA 1262/(Del.)/2011. 2. Ld. counsel for the appellant submit....

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..... Thus the assessee had undisclosed stock of Rs.1,04,30,431/- and not of Rs.42,65,924/- declared and accepted by the respondent-assessee.   5. It is noticeable that the assessment order records that the respondent-assessee had given detailed reconciliation of the stock with specific explanation. The aforesaid reconciliation was referred to in the assessment order but has not been dealt wit....

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....y the impugned order, the appeal of the respondent-assessee has been allowed. It is noticeable that the assessee in their explanation had pointed out that the valuation reports had taken the value of 24 carat gold at Rs.790 per gram but did not correspondingly reduce the value of 18 carat and 22 carat gold. Further, even the stock, recorded in the books of account, was valued as per the market rat....