9911796707
TMI Blog1992 (4) TMI 35X X X X Extracts X X X X X X X X Extracts X X X X ..... e India. The value of goods which has been shown in the export invoice was reduced by the assessee without proving that those goods were received back or were sold subsequently at a lesser price. The Wealth-tax Officer, invoking the provisions of rule 2B(2) of the Wealth-tax Rules, made the addition in the closing stock for the year of assessment 1982-83 (annexure-1) on account of failure of the assessee to furnish the information in spite of opportunity given for this purpose. The assessee preferred an appeal whereupon the Commissioner of Wealth-tax (Appeals) deleted the addition made by the Wealth-tax Officer, vide annexure-2. The petitioner submitted a second appeal to the Tribunal, but the Tribunal also rejected the appeal, vide judgmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plication No. 25 of 1991 is regarding another partner of the same firm for the assessment year 1981-82, in which the Wealth-tax Officer, invoking the provisions of rule 2B(2), made additions in the closing stock for the same reasons mentioned above. In the appeal filed by the non-petitioner, the Commissioner of Wealth-tax (Appeals) deleted the addition made by the Wealth-tax Officer. The second appeal preferred by the petitioner was rejected by the Tribunal. In all these reference applications, the following two questions, said to be questions of law, have been referred : " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in deleting the addition made by the Wealth-tax Officer invoking rule 2B(2) o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9 (Raj) that the burden was on the Revenue to prove that the valuation of the closing stock given in the balance-sheet was not the true value and that the market value of the closing stock exceeded the valuation disclosed by more than 20%. This burden has not been discharged and the Wealth-tax Officer applied rule 2B(2) without any foundation. The SLP filed against the decision of S. K. Bader was dismissed. We have gone through the order of the learned Wealth-tax Officer, the Deputy Commissioner of Income-tax (Appeals) as also of the learned Tribunal. It may be pointed out that this court, in the case of CWT v. Moti Chand Daga [1988] 174 ITR 379, held that gross profit is only an indicator, but it could not be the sole basis for coming to ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
