2016 (7) TMI 933

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....L, ADVOCATE FOR THE OPPONENT : MR KM PARIKH, ADVOCATE ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE KS JHAVERI) 1. Being aggrieved and dissatisfied with the impugned judgment and order passed by the Income Tax Appellate Tribunal, Ahmedabad Bench 'D' camp at Baroda (hereinafter referred to as 'the Tribunal') dated 04.08.2006 in ITA No. 2106/Ahd/2002 for the Assessment Year 1998-99, the ass....

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....which was a consequential effect due to the declaration under the Voluntary Disclosure Income Scheme, 1997 on account of revised valuation of closing stock for the preceding assessment year 1997-98. On appeal the CIT (Appeals) allowed the same. 3. On appeal before the Tribunal by the revenue, by impugned judgment and order, Tribunal reversed the findings of CIT(A). Being aggrieved and dissatisf....

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....he attention of this Court to the Trading - Profit & Loss Account for the relevant year and the preceding year and submitted that the same clearly indicate that there has been no suppression of gross profit as contemplated by the Assessing Officer and therefore the addition of Rs. 9,44,771/- be deleted. 5. Mr. K.M. Parikh, learned advocate appearing for the revenue submitted that the Tribunal h....

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....cheme. The reconstructed trading account as stated in the submission of the appellant clarifies the position in this regard. It is therefore held that necessary effect to the VDIS declaration has since been given in the case of the appellant and no further addition on this account during the assessment year under consideration is called for. Addition is therefore deleted." 6.1 We are in complet....