2014 (11) TMI 935

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....DENT ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE KS JHAVERI) 1. By way of these appeals, the appellant of Tax Appeal No. 16/2001 has challenged the judgment and order dated 21.9.2000 passed by the Income Tax appellate Tribunal, Ahmedabad Bench, Ahmedabad in ITA NO. 5108/A/94 for AY 1990-91, whereas, the appellant of Tax Appeal No. 229/2001 has challenged the judgment and order dated 28.2.2....

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.... and Rs. 34,700/- respectively. The return were processed u/s. 143(1)(a) and the cases are selected for scrutiny. In response to notice u/s. 143(2) the assessees have produced books of account. After considering the material on record, the assessment order came to be passed. Against the said order, an appeal before the CIT(A) has been preferred by the assessee which came to be allowed. Against the....

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....audit under the Income tax Act. No errors were found at any stage in the report submitted by these auditors and for the past eight years, the assessee had been following continuously/ consistently the method of accounting, as provided under section 145 of the Act, valuing the closing stock and inventory, as provided under section 145 A of the Act. The assessee was also subjected to Excise and VAT ....

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....fference between the stock shown in the books of account and the statement furnished to the banking authorities. If, for the purpose of fulfilling the margin requirements of the bank purely on inflated estimate basis, when the stock statement had reflected inflated value of the stock, in wake of otherwise satisfactory explanation, both for the purpose of value as well as quantity, we find no reaso....