Proper Scrutiny conducted by AO on Allegations of Under Valuation of Closing Stock: Calcutta HC quashes Decision of CIT [Read Order]

The Calcutta HC quashed the decision of the CIT as proper scrutiny conducted by the AO on allegations of under valuation of the closing stock.
Calcutta High Court - Income tax - Tax news - AO scrutiny decision - Closing Stock - Valuation of Closing Stock - taxscan

The Calcutta High Court quashed the decision of the Commissioner of Income Tax ( CIT ) as proper scrutiny conducted by the Assessing Officer ( AO ) on allegations of under valuation of the closing stock. The scrutiny assessment for the year under consideration was completed by order determining the total income of the assessee…

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