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2011 (12) TMI 521 - HC - Income TaxAddition being the difference of value declared in the stock statement given to the Bank and the value of stock accounted for in the books of accounts - ITAT deleted the addition - Held that:- We find no question of law arising. The assessee had been contending that the valuation of the stock supplied to the Bank did not reflect the accurate or the correct picture. The statement was drawn on the basis of estimation and such estimate is based on the higher side to borrow higher loan. The closing stock reflected in the books maintained for income-tax reflects the correct picture. The Tribunal accepted such version, taking note of various facts noted above including the discrepancy on the date of survey between the two statements as well as improved gross profit rate for the year under consideration.
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