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2003 (4) TMI 52 - HC - Income Tax"1. Whether Tribunal was correct in upholding the order of the CIT (A) deleting the addition made on account of difference of 4,975.77 quintals of stock of rice and paddy as per bank statement furnished to the bank and as per stock register maintained by the assessee, which accepting the explanation of the assessee and ignoring the deposition of bank official who explained the system of pledge and hypothecation of stock and while ignoring the discrepancies found by the Assessing Officer? - 2. Whether Tribunal was justified in dismissing the appeal filed by the Revenue without considering the facts of the case especially when it was an admitted fact that there existed difference in stock as per bank statement furnished to the bank and the stock register maintained by the assessee ?" - No material was produced by the Department to show that the assessee had deliberately over-valued the stock for the purpose of securing higher credit from the bank. Therefore, the so-called discrepancy in the bank statement and the account books could not be made the basis for making additions in the declared income of the assessee
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