TaxTMI 
TaxTMI 
2000 (2) TMI 31
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....the addition made under Chapter XIV-B of the Income-tax Act, 1961. The facts giving rise to this, appeal, briefly, are as follows : During the course of search, stock worth Rs. 1,32,52,685 was found in the factory/business premises of the assessee. The stock consisted of raw material and finished products. The assessee stated in reply that it was not maintaining the record of daily consumption of....
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....cent. and thereby working out the estimated figure of stock at Rs. 2,05,90,919 as against stock of Rs. 1,38,14,855 actually found during the course of search action. The Tribunal found that the rate of 15 per cent. was excessive. The Tribunal also found that in the course of the second addition of Rs. 12,64,746 it has been held by the Assessing Officer that there is an excess of stock which he did....
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.... that under the above circumstances, the Assessing Officer was right in making the above additions. We do not find any merit in the said contention. Firstly, the block assessment is for the period 1984-1995. One fails to understand as to whether the Assessing Officer was justified in applying the gross profit rate of 15 per cent. only on the basis that the tentative trading account for part-period....