Held that the Assessing Officer had called for details regarding difference arising in books of account however had not applied his mind to issue or formed any opinion towards same. There was failure on part of Assessing Officer to examine or make addition in respect of difference between cash flow and balance sheet had clearly made assessment order erroneous and consequently prejudicial to interest of revenue. Revision order is justified. (AY. 2008-09)
L. A. Development v. CIT (2022) 215 DTR 153 /218 TTJ 386 / 142 taxmann.com 280 (Cuttack)(Trib)
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Valuation of stock-Method of accounting-Difference glaring in current assets and current liabilities as shown in balance sheet and in cash flow statement-Revision order was justified.[S.143(3), 145]