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2011 (3) TMI 594 - HC - Income TaxAddition on the basis of stock statement submitted to bank - Held that:- The stock statement furnished to the bank may be material which may be required to be gone into during assessment but cannot be treated as conclusive. Whether in a given case the stock statement could be accepted as basis for computing the value of the stock depends upon the circumstances of each case - If the assessee is able to show that the statement was given only on estimate basis and value reflected in the books of account was correct, there is no absolute bar to such explanation being accepted - The appeal is dismissed
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