(1.) Revenue has preferred these four appeals under Section 260A of the Income Tax Act, 1961 (Act, for short) in the case of a partnership firm, Superior Crafts. ITA No. 244/2009 pertains to assessment year 2002-03 and is directed against the order dated 28th March, 2008 passed by the Income Tax Appellate Tribunal (tribunal, for short). As this appeal was treated as a lead case by the counsel for the parties, we will first refer to and decide this appeal.
(2.) In the assessment year 2002-03, the Assessing Officer had directed special audit under Section 142(2A) of the Act. After receiving a special audit report, the Assessing Officer rejected the closing stock as declared by the respondent assessee and held that there was under-valuation of closing stock to the extent of Rs. 1,49,28,900/-.
(3.) The CIT (Appeals) confirmed the said addition, but by the impugned order the tribunal has deleted the said addition.