Delhi High Court held In the case of S.N. Ojha vs. Commissioner of Customs that apart from the statement recorded, there is sufficient corroboration by the fact that as many as 100 consignments were allowed to be cleared without proper verification.
Assessee was not aware of this fact that the sale proceeds arised out of sale of an agricultural land is exempt from tax u/s 10 of the Act hence the assessee inadvertently could not adduce the said fact before the Assessing Officer as well as while filing the return of income.
Brief facts of the case are that the Assessing Officer observed that the assessee is following conservative method of accounting for valuation of closing stock. The films purchased are shown at cost if the same are sold in the year, the profit or loss on the same is recorded.
