1983 (2) TMI 118

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..... tner in the firm M/s Gumanmal Umraomal Chordia which carried on business in precious stones. The facts are that the said firm valued its closing stock at cost and the assessment order of the firm preceded the original assessment of the assessee. Later on, the WTO recorded reasons to reopen the assessment and observed that he discovered that the firm showed a GP rate of 31%, meaning thereby, if the .....

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..... cording to the WTO, the wealth of Rs. 99,000 had escaped assessment. This is how he reopened the assessment and brought the difference of Rs. 99,000 in the value of the closing stock to tax. On appeal, the AAC relied on the Tribunal s order dt. 26th September,1981, passed in the case of Shri Hastichand Mehta WTA No. 721/Jp/1980. Involving exactly the same identical facts, the case of Shri Hasticha .....

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..... facts of the instant assessee being identical, the said decision of the Tribunal is squarely applicable to the instant case. The revenue is not able to show as to how did the WTO came in possession of a subsequent information. The foundation of the reasons recorded by the WTO is the assessment order of the firm in which the assessee was a partner. The order of the firm admittedly preceded the ord .....

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