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2014 (11) TMI 1092 - GUJARAT HIGH COURTUnexplained purchases - Held that:- As during the course of assessment, the assessee produced before AO all the details of opening stock, purchase and sales made by it etc. and the same were neither disputed nor any discrepancy was found, therein. Apart from that the AO did not produce any material to show that the assessee had made purchases out of undisclosed income. It is not the case of the revenue or for that matter AO that the Bank had physically verified the stock lying with the assessee. On the contrary, from a perusal of the assessment order, it transpires that the assessee had shown more stock in books than in the statement submitted to the Bank. We are, therefore, of the opinion that the CIT(A) as well as the Tribunal committed no error in passing the impugned order.
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