1994 (4) TMI 109 - AT - Income Tax

Summary

The assessee appealed against the CIT(A)'s order allowing partial relief for trading addition made by the Assessing Officer. A survey found excess stock of Rs. 38,795, but the valuation method was disputed. The CIT(A) directed recalculation of stock value at 4% margin instead of 3.89%. The Tribunal agreed that the method used for estimating stock was erroneous and unjustified, leading to the appeal being allowed.