LAWS(RAJ)-2008-3-113

CIT Vs. LAXMI ENGG INDUSTRIES

Decided On March 18, 2008
CIT Appellant
V/S
Laxmi Engg Industries Respondents

JUDGEMENT

(1.) THESE three appeals arise out of the common judgment of the learned Tribunal dt. 14.7.2003. Appeals relate to different assessment years, with respect to same assessee, and have been filed by the Revenue, involving common question, and therefore, are being decided by this common order.

(2.) THE necessary facts are that assessment was made for different years, under Section 143(3)/250 of the Income Tax Act by the Assessing Officer. We need not go into other aspects of the assessment order, and would better like to mention the facts only about the precise question involved in these appeals, on which these appeals have been admitted being: Whether in the facts and circumstances of the case, the additions made in the income of the assessee by the Assessing Officer on account of difference in the stock valuation as per statement given to the bank and as per the books of account were justified?

(3.) THUS , in this regard the appeal was allowed.