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| The Tax Publishers2020 TaxPub(DT) 5010 (Del-Trib) INCOME TAX ACT, 1961
Section 147
There was no need to interfere with the finding of CIT(A) as the copies/documents which were not available during the assessment proceedings were produced at the time of appellate proceedings before the CIT (A).
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Reassessment - Reason to believe - Additional evidence rightly admitted by CIT(A) -
Revenue filed appeal against the order of CIT(A) deleting the disallowance made of difference in opening stock outside the books of account and admission of additional evidence without giving an opportunity to AO. Held: The additional evidence was rightly admitted by CIT(A) as the copies/documents which were not available during the assessment proceedings were produced at the time of appellate proceedings before the CIT(A). The transfer of inventory was duly recorded in its books of account and thus the same cannot be regarded as the stock sold outside the books of account. Further, the demerger took place on book value, therefore, there was no capital gain/loss as per the provisions of the Income Tax Act. Thus, there was no need to interfere with the finding of the CIT(A).
REFERRED :
FAVOUR : In favour of assessee
A.Y. : 2011-12
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