1986 (12) TMI 49

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....d. AAC erred in deleting the addition of Rs. 62,663 made on account of under valuation of stock." 2. The assessee is a dealer in varieties of sarees. It is regularly assessed to tax. For the purposes of accounts, it follows Samvat Year and the year under consideration ended on 7th Nov., 1980. It so happened that on 31st Oct., 1980 the IT authorities took action under s. 138A of the Act and the ....

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....aving estimated the closing stock of the assessee, once again stock lying on Jhangad with the customers and goods to be exchanged cannot be added. 4. At the time of hearing, the ld. departmental representative supported, the order passed by the ITO and further submitted that in absence of case records he could not make detailed submissions. 5. The ld. representative of the assessee supportin....