2004 (3) TMI 330

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..... addition of Rs. 1,40,500 deleted by the CIT(A) out of addition of Rs. 1,53,360. 2. Parties have been heard and record perused. The relevant facts, briefly stated, are that the AO had noticed a discrepancy in sales of Rs. 1,53,360 in the account of ICL. When confronted, the assessee explained that the goods had been sold to ICL in the year under appeal but the same had been rejected. While prep .....

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..... hat the assessee had debited the sales by an amount of Rs. 1,53,360 and credited the closing stock by an amount of Rs. 1,40,500, is not disputed. Therefore, assuming for argument sake that the assessee ought to have reflected the sales of Rs. 1,53,360 made to ICL in the year under appeal, the addition to the closing stock of Rs. 1,40,500 on account of the returned goods was to be reduced. As a res .....

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