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TMI Blog2014 (3) TMI 434X X X X Extracts X X X X X X X X Extracts X X X X ..... anner akin to a best judgment assessment, there is no scope for making any separate addition for undervaluation of stock, disallowance of expenditure, other additions under Section 68 etc. - The flat rate assessment as a percentage of the gross turn-over takes care of all possible omissions and if this method of estimating the concealed income of the assessee is adopted by the ITSC, there is no justification for separately making any addition towards alleged undervaluation of the stock. The fact that there was a difference of opinion between the members of the ITSC while examining the application of the Revenue shows that the matter is in any case not free from debate which takes it out of the purview of the provisions of Section 245D (6 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rvalued while estimating the income of the assessee in the order passed by the ITSC and this has led to an underassessment of Rs.6,27,73,623/-. It was pointed-out in the application filed by the Revenue that all the necessary facts were available before the ITSC from which the underassessment could have been taken note of and the ITSC, not having computed the income of the assessee on that basis, a mistake to that extent has crept into its order which needed rectification. This is what the Revenue stated in its application for rectification: XXXXXX XXXXXX XXXXXX Thus, in view of the above detailed and computation, the value of closing stock of 109.28 acres available in the hand of company as on 17.10.2000, as unsold land and plots ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ows: 7. As already discussed above, during the proceeding under section 245D(4) of the Act, the Department has never disputed the value of the closing stock. This being so, the Department?s contention at this stage that the applicant has under valued closing stock resulting into a mistake apparent from record, cannot be accepted. After examining the facts of the case and the decisions of Hon?ble Supreme Court as mentioned above, we are of the opinion that there is no mistake apparent from record in the order passed by this Bench under Section 245D(4) of the Act on the issue of valuation of closing stock as the Bench at that time has decided the issue after taking into account facts on records and the position of law as per provisions of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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