TaxTMI 
TaxTMI 
2006 (10) TMI 124
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....resent appeal is filed under section 260A of the Income-tax Act, 1961 by the Revenue, in I. T. A. No. 2693/Mds/94 against the order passed by the Income-tax Appellate Tribunal, Madras, "C" Bench, for the assessment year 1991-92. When the matter came up for hearing on January 19, 2004, this court admitted the case formulating the following substantial questions of law. "(1) Whether, on the facts ....
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....nits for personal computers and computers. The relevant assessment year 1991-92 and the corresponding accounting year ended on March 31, 1991. The assessee filed return of income on December 19, 1991, disclosing a total income of Rs. 11,62,170. Later the return was processed under section 143(1)(a) of the Income-tax Act (hereinafter referred to as the "Act" ) determining the total income at Rs. 16....
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....ismissed the appeal filed by the Revenue and confirmed the order of the Commissioner of Income-tax (Appeals). 4. Learned standing counsel appearing for the Revenue, submitted that the assessee had, in order to obtain higher loan facilities, inflated its stock figure in the statement given to the bank and hence the statement should be accepted. Hence the Assessing Officer is right in adding the di....
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....ay-to-day production. The assessee, in the present case, has taken the actual physical stock for the purpose of declaring closing stock to the Income-tax authorities. Further the purchases and sales were supported by vouchers and the Assessing Officer had not pointed out any suppression of sales or purchases. There was a finding by the authorities below that the statement given to the bank was on ....