Calcutta High Court Upholds Quashing Of CIT's Order Speculating Possibility Of Understatement In Closing Stock Without Specific Finding
Live LawThe Calcutta High Court has upheld the quashing of an order passed by the CIT speculating on the possibility of understatement in closing stock without a specific finding.The bench of Chief Justice T.S. The Calcutta High Court has upheld the quashing of an order passed by the CIT speculating on the possibility of understatement in closing stock without a specific finding. The tribunal also noted that the CIT, in his order under Section 263, has only observed that there is a possibility of understatement in the closing stock without a specific finding on the said aspect. The tribunal noted that the CIT, in his order under Section 263, has only observed that there is a possibility of understatement in the closing stock without a specific finding on the aspect.