JAMYANG KHYENTSE YESHI,KANGRA, HIMACHAL PRADESH vs. ACIT, DCIT, C.R. BUILDING, CHANDIGARH

The appeal of the assessee is partly allowed

Bench: The Ld. Cit(A). The Ld. Cit(A), After Calling For A Remand Report Under Rule 46A, Recorded The Following Findings (Para 5.1 To 5.5 Of The Appellate Order):

reassessment was bad, both, in law and in procedure. 10. The approval taken by Ld. AO from competent Authority u/s 151 of the Income Tax Act, was bad both in law and in procedure and Ld. CIT(A) has erred in law, in confirming the same. 11. That the Ld. AO has completed the assessment by just relying

ASSTT.COMMISSIONER OF INCOME TAX, C-4(1), CHANDIGARH vs. M/S SML ISUZU LIMITED, CHANDIGARH

In the result of the value of the opening stock and closing stock

reassessed after loading the element of excise duty at the prevalent rate. Therefore, taking into account the foregoing discussion and in keeping with judicial consistency, the income of the assessee is hereby increased by an amount of Rs. 1,74,99,101/- on account of under valuation of closing Work in progress. Since the assessee has concealed the particulars