observed from the purchase and sale register that
the closing stock was undervalued by the assessee. He noted that the last sale was done ... therefore, made addition of
Rs.69,01,453/- on account of undervaluation of closing stock. Similarly, the Assessing
Officer made addition
them as
under :-
a. Disclosure of Rs 3 Crores on account of undervaluation
of closing stock
b. Disclosure of cash of Rs. 1.34 Crores ... Page 26 of 44
disclosure of Rs 3 Crores on account of undervaluation of
stock of artwork, painting and sculptures, She has given her
reply
which the provisions of the said Chapter apply, there is a significant undervaluation of the property concerned, namely, of 15 per cent or more ... cent, or more, it may draw a presumption that this undervaluation has been done with a view to evade tax. Of course, such a presumption
ground that the assessee has
undervalued its closing stock. We find that the learned CIT(A) sustained an
amount ... closing stock. Accordingly, difference of
Rs.13,27,855/- was held as undervaluation of closing stock by the Ld.
AO.
6.8. On perusal of aggregate
deleting the addition
of Rs.2,41,546 on account of undervaluation of closing stock.
4. That the CIT(A) erred on facts ... third and fourth substantive grounds raise as
many twin issues of undervaluation of closing stock valuation
amounting to Rs.2,41,546/- and capital subsidy
deleting the addition
of Rs.2,41,546 on account of undervaluation of closing stock.
4. That the CIT(A) erred on facts ... third and fourth substantive grounds raise as
many twin issues of undervaluation of closing stock valuation
amounting to Rs.2,41,546/- and capital subsidy
regard to the penal
action consequent to addition made on account of undervaluation of closing
stock of raw material in respect of polyster film ... made the addition of Rs. 7.50 lacs in respect of
undervaluation of closing stock of raw material comprising of 5200 Mtrs. of
polyester film rolls
interest on loan 3,68,219
5. Addition on account of alleged undervaluation of closing 3,98,193
stock
In addition, the learned AO also ... claim of interest on loan; addition on account of alleged undervaluation of closing stock and disallowance of Rs. 15,23,000 on account of commission
said DRT] that the said
Importer Messrs. Starlight Overseas has
undervalued such imported goods and have evaded
payment of Custom Duty by such mis-declaration ... Customs Department that the
said Importer "Messrs. Starlight Overseas" has
undervalued such imported goods from China.
Intelligence was gathered by Mumbai Zonal Unit
International, the show
cause notices were issued earlier on the ground of
undervaluation, prior to issue of impugned show cause notices
and charge of undervaluation ... been dropped. When
there is charge of undervaluation against the appellants and
the said charge has been dropped, therefore, the impugned show
cause notices alleging
