1980 (10) TMI 91 - AT - Income Tax

Summary

The Appellate Tribunal ITAT Amritsar ruled in favor of the assessee, deleting the disallowance of loss of Rs. 51,429 for the accounting year 1976-77. The Tribunal accepted the assessee's argument that the value of opening stock for the second period should be based on the disclosed profits for the first period. The appeal of the assessee was allowed.