ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 2(1), JABALPUR vs. M/S BHASKAR LUBRICANT PRIVATE LIMITED, JABALPUR

In the result, the appeal filed by the Revenue is dismissed

Bench: Dr. B.R.R. Kumar & Shri Yogesh Kumar U.S.

section 269SS and 269T was furnished nil. The order u/s 154 came to be passed on the ground that the assessee had undervalued the closing stock to the extent of Rs.14,48,712/- (12.5% of Rs.1,15,89,701/-) resulting in an over assessment of U.A.D. amounting to Rs.14,48,712/- and the reply of the assessee regarding unsecured loan