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Income Tax - Highlights / Catch Notes

Home Highlights May 2012 Year 2012 This

Treatment of an amount as income even though the assessee has ...


Tribunal Misinterprets Agreement Clauses, Leading to Incorrect Income Assessment of Closing Stock Value by Assessee.

May 24, 2012

Case Laws     Income Tax     HC

Treatment of an amount as income even though the assessee has disclosed the value of goods as part of closing stock - held that:- Tribunal misconstrued the clauses in the agreement to hold that the value of the closing stock had to be treated as income of the assessee.- HC

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