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2010 (1) TMI 713 - HC - Income TaxAddition - Unexplained investment - Income-tax Officer accepted the assessee's claim of goods belonging to Shri Mohan Lal cannot act as an estoppel, to the determination on merits whether the goods of the other persons also existed with the assessee and were pledged with the bank contrary to the sworn declaration before the bank at the time of hypothecation of stocks - The addresses furnished by the assessee, were very very scanty and it is not controverted that inspite of the request of the Income-tax officer detailed addresses were not furnished to him - Where an assessee is found to be in possession of stocks which were not entered in the account books, the assessee has to explain the nature and source of the stocks and if that is not satisfactorily explained, the value of the stocks can always be treated as assessee's income - no hesitation in coming to the conclusion that the addition of Rs. 34, 675/- on account of excess stocks of Haldi, big cardimum and Mangraila was justified.
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