2009 (8) TMI 101

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....V. Shekhar, Senior Advocate (Rahul Kaushik, Naresh Kaushik and B. V. Balaram Das, Advocates, with him) for the respondent. ORDER 1. Leave Wanted. 2. The instant matter arises out of an application under section 154 of the the Income-tax Act, 1961, seeking rectification of the return of income for the assessment year 1996-97. 3. Vide order dated February 27, 1998, the Assessing Officer ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....pplication filed by the assessee came to be rejected. This order was upheld by the Commissioner of Income-tax (Appeals) and the High Court vide the impugned judgment (overruling the order passed by the Tribunal) upholding the allegation of suppression. 4. We find merit in this civil appeal. It is the fundamental principle of accountancy that the figure of the closing stock of the earlier year h....