1999 (1) TMI 502

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....ssing officer was right in resorting to the average running stock method in the jewellery account. This revision relates to the assessment year 1986-87. The assessee-a dealer in textile and jewellery itemsdisclosed turnover of both the items. The assessing authority noticing certain defects rejected the book version of the assessee and resorting to the average running stock method, made an additio....

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....submission of learned counsel for the assessee before us is that the difference in gold ornaments was very insignificant, that is, to the extent of only 4.200 grams and, therefore, the average running stock method could not have been resorted to by the assessing officer. It is true that no pattern of suppression has been pointed out in this case. The question for consideration is that when there i....

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....p is situated in an important centre in Thaliparamba. But that itself will not justify the adoption of this method in the absence of any other material." The application of the average running stock method resulted into the addition of more than Rs. 1 lakh. 4.. We are of the considered view that on the facts and in the circumstances of the case, this case requires reconsideration. Before resort....