The Commissioner of Income-tax, Thiruvananthapuram v. Southern Cashew Exporters
[Citation -2019-LL-0227-76]
| Citation | 2019-LL-0227-76 |
|---|---|
| Appellant Name | The Commissioner of Income-tax, Thiruvananthapuram |
| Respondent Name | Southern Cashew Exporters |
| Court | HIGH COURT OF KERALA AT ERNAKULAM |
| Relevant Act | Income-tax |
| Date of Order | 27/02/2019 |
| Judgment | View Judgment |
| Keyword Tags | cost incurred • closing stock • market price • undervaluation of closing stock • unaccounted sales |
| Bot Summary: | The assessee had declared certain closing stock before the bank authorities as also the Income Tax Department. The bank authorities verified the same and found that the valuation of the closing stock was not as shown in the accounts of the assessee. The Commissioner interfered with the same finding that the quantity as declared before the Department and the bank was the same. There was a different valuation shown before the bank and before the Department. The bank infact noticed that many of the stock had been rendered useless by reason I.T.A. No. 17 of 2014 3 of it having turned rotten and some having been found broken. The appellate authority found that there is no reason to find suppression of sales. The Tribunal affirmed the finding since the quantity declared was identical and there was no question of sales having been conducted, which was not reflected in the books of accounts. |