2016 (6) TMI 900

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....ESPONDENT : MR SUDHIR M MEHTA, ADVOCATE ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) The petitioner has challenged the notice dated 27.2.2015 issued by the respondent Assessing Officer under which he seeks to re-open the assessment order for the assessment year 20-11-2012. For issuing such notice, the Assessing Officer has recorded reasons which read as under: " On verifica....

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.... arriving Opening stock of finished goods and raw materials as prescribed u/s 145 of the Act and failure to do so resulted into undervaluation of Rs. 2,68,84,151/-." In view of the above, I have no reason to believe that income of Rs. 2,26,84,151/- chargeable to tax has escaped assessment for the A.Y.2010-11 and the said case is fit for issue of notice under section 148 of the I.T. Act." 2. ....

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....m the reasons recorded, we may notice that according to Assessing Officer, the assessee ought to have included CENVAT and VAT amounts lying in balance in the accounts of the assessee for the purpose of valuation of closing stock. He provided that this inclusion should have been made also in the opening stock. In other words, according to him, by excluding such amounts from both opening as well as ....

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....ral Government. WE have paid Excise Duty including Education Cess and S&H Education Cess of Rs. 3,05,83,004/- and Rs. 4,38,28,611/- for the Asst. Year 201-11 and 2009- 10 respectively. During the current Asst. year 2010-11, the Excise Tariff was 8% for almost 11 months whereas in the preceding Asst. Year 2009- 10 the Tariff was 14% for almost 9 months. That is why; we have paid lesser amount of ex....