2024 (10) TMI 749

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....SOPARKAR(6851) FOR THE OPPONENT ORAL ORDER (PER : HONOURABLE MR. JUSTICE BHARGAV D. KARIA) 1. By this Tax Appeal under Section 260A of the Income Tax Act, 1961 (for short 'the Act'), the appellant revenue has proposed the following questions of law arising out of order dated 31st August, 2022 passed by the Income Tax Appellate Tribunal, Ahmedabad (for short 'the Tribunal') in ITA No.3448/AHD/20....

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....see was re-opened and order under Section 143(3) read with Section 147 of the Act was passed on 24th November, 2015 by assessing total income at Rs. 03,25,30,540/- by making an addition of Rs. 02,93,12,514/- on account of Section 69C of the Act. 2.2 Being aggrieved by the said order, appeal was preferred before CIT(A). The CIT(A), vide order dated 28th December, 2015, dismissed the appeal of the....

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....owever, the Tribunal, after considering the facts of the case, came to the conclusion that the opening stock is shown by the assessee as closing stock in the previous Assessment Year 2009-10, the CIT(A) found that closing stock of Rs. 02,93,12,514/- shown by the assessee was utilised for making unaccounted sale, meaning thereby that no actual closing stock was available. However, the profit declar....

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....ar i.e. A.Y. 2009-10 where the learned CIT(A) found that the closing stock of Rs. 2,93,12,514/- shown by the assessee was utilized for making unaccounted sale meaning thereby no actual closing stock available. Thus, it means that the opening stock carried forwarded from A.Y. 2009-10 in the year under consideration is also nil. However, we note that the profit declared by the assessee for the A.Y. ....