Dismissing the appeal of the revenue the Court held that; reassessment proceedings on ground that said proceedings were based on mere audit objection that there was undervaluation of closing stock. (AY. 2007 -08)
PCIT v. S. Chand & Co. Ltd( 2018) 100 Taxman.com 352 / (2019) 260 Taxman 108 ( Delhi) (HC) Editorial: SLP of revenue is dismissed; PCIT v. S. Chand & Co. Ltd. (2019) 260 Taxman 107 (SC)
S. 147 : Reassessment- Audit objection-Undervaluation of stock-Reassessment is held to be not valid. [S.145, 148]