Stock Undervaluation Affects Income: Temporary Increase Followed by Decrease; Assessment Authority's Findings Unconvincing.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Addition on account of under valuation of stock - there will not be any impact on the income declared by the assessee except the increase in the amount of income in one year and decrease in the amount of income in the subsequent year. On this reasoning as well, we are also not convinced with the findings of the AO - AT....