Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2016 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (7) TMI 1293 - GUJARAT HIGH COURTAddition made on account of difference in stock - difference in statement as furnished before the bank as compared to shown in books of account for availing higher credit facility - Held that:- Only on account of inflated statements furnished to the banking authorities for the purpose of availing of larger credit facilities, no addition can be made if there appears to be a difference between the stock shown in the books of account and the statement furnished to the banking authorities.See COMMISSIONER OF INCOME TAX RAJKOT-I. Versus PATEL PROTEINS PVT. LTD.[2014 (12) TMI 1246 - GUJARAT HIGH COURT ] Accordingly, the question is answered in the affirmative, i.e., against the appellant Revenue and in favour of the assessee.
|