2022 (7) TMI 1554 - SCH - Income Tax

Undisclosed income u/s 69B - difference of stock between the stock submitted to the bank as on 28/3/2005 and the stock indicated in the audit report for the period ending 31/03/2005 relating to raw material, stock-in-process and finished goods - as decided by HC 2022 (2) TMI 1040 - MADHYA PRADESH HIGH COURT once the AO finds that there was excess stock, in absence of explanation by the assessee, the conclusion is inescapable that the excess stock, if any, was from undisclosed sources. Once the assessee's explanation, if any, has not been accepted, the resultant position is that there was excess stock un-disclosed in the books of accounts and non disclosure was only with a view to suppress the income, thus decided against assessee HELD THAT - As petitioner seeks and is permitted to withdraw the special leave petition, as he wishes to file a review petition before the High Court. Ordered accordingly. Special leave petition stands dismissed as withdrawn.

Summary

The Supreme Court allowed the petitioner to withdraw the special leave petition to file a review petition before the High Court. The special leave petition was dismissed as withdrawn, and any pending applications were disposed of.