Tax Officer's WIP Valuation Lacks Clarity; No Income Addition Made for Unexplained Investment u/s 69.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Unexplained investment u/s. 69 - Asstt. Comm. of Commercial Taxes estimated the valuation of WIP without mentioning the quantity or rate of the individual item - AO consider the same as unexplained investment - AO has to reject the books of account and thereafter, he has to estimate the unexplained investment in WIP in the relevant assessment year by following the market price or cost which was lower which the AO has failed to do so - no addition....