IT : Where assessee claimed that stock was taken on loan and returned in same year to sister concern but no proof regarding actual movement of stock was made available, nor was any bill for loan of cargo was raised, addition to closing stock was just and proper
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[2014] 51 taxmann.com 373 (SC)
SUPREME COURT OF INDIA
D.B. Bandodkar & Sons (P.) Ltd.
v.
Assistant Commissioner of Income-tax*
ANIL R. DAVE AND R.K. AGRAWAL, JJ.
CC NO. 20871 OF 2013†
APRIL 21, 2014
Section 145, read with section 148 of the Income-tax Act, 1961 - Method of accounting - Additions to income (Unaccounted closing stock) - Assessment years 2005-06 and 2006-07 - In respect of unaccounted stock of iron ore, assessee claimed that stock was taken on loan and returned in same year to sister-concern - However, no proof regarding actual movement of stock was made available, nor was any bill for loan of cargo was raised by assessee during year - High Court held that addition to closing stock was just and proper - Whether Special Leave Petition filed by assessee against impugned order was to be dismissed - Held, yes [In favour of revenue]
■■■
[2014] 51 taxmann.com 373 (SC)
SUPREME COURT OF INDIA
D.B. Bandodkar & Sons (P.) Ltd.
v.
Assistant Commissioner of Income-tax*
ANIL R. DAVE AND R.K. AGRAWAL, JJ.
CC NO. 20871 OF 2013†
APRIL 21, 2014
Section 145, read with section 148 of the Income-tax Act, 1961 - Method of accounting - Additions to income (Unaccounted closing stock) - Assessment years 2005-06 and 2006-07 - In respect of unaccounted stock of iron ore, assessee claimed that stock was taken on loan and returned in same year to sister-concern - However, no proof regarding actual movement of stock was made available, nor was any bill for loan of cargo was raised by assessee during year - High Court held that addition to closing stock was just and proper - Whether Special Leave Petition filed by assessee against impugned order was to be dismissed - Held, yes [In favour of revenue]
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