WHEN STOCK DULY ACCOUNTED FOR CANNOT BE TREATED AS UNDISCLOS
Last updated: 12 September 2008
Court :
HIGH COURT OF RAJASTHAN
Brief :
Thus, in our view, the provisions of section 69 cannot be said to be attracted to the price of stock in question. Though, not necessary, but still it may be considered and observed, that during the relevant year, the entire income of the assessee was exempted under section 80 IA, and thus there was, possibly no reason, for the assessee to conceal the stock in trade, as thereby, the assessee was not to gain anything.
Citation :
CIT
v.
Mehta Gwar Gum & Co.
ITA NO. 92 OF 2006
AUGUST 22, 2008
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CHEZHIYAN
Published in Income Tax
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