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2015 (3) TMI 1306 - AT - Income TaxAddition of difference in stock statement furnished to bank and the one shown in the books of accounts - Held that:- As decided in CIT-IV, Hyderabad vs. M/s. Sri Taraka Jewellers [2013 (7) TMI 1091 - ANDHRA PRADESH HIGH COURT] there cannot be an addition of difference in stock statement furnished to bank and the one shown in the books of accounts. As during survey, nothing is found or brought on record to show that on physical verification, the stock found was in excess of the stock recorded in the books of account. It was explained by the assessee that the stock statement furnished to the bank was on estimate basis but the stock shown in the assessment proceedings was based on actual physical verification. As such, there was no reason to reject the books of account of the assessee and no addition is called for solely on account of the difference in value of the stock submitted to the bank and the value of the stock shown in the accounts presented for assessment - Decided against revenue.
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