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2013 (7) TMI 322 - HC - Income TaxRejection of books accounts u/s 145 - difference in stock statement submitted to bank - Tribunal held that books of accounts cannot be rejected on the basis of discrepancies and defects found in the valuation of stock - Held that:- additions were made by the Assessing Officer on the ground that the assessee has not properly disclosed the closing stock of the raw material. There is discrepancies with regard to the closing stock of raw material in between the statement furnished before the bank and as shown in the account-books - there is evidence on record to show that the closing stock in the bank statement disclosed by the assessee is incorrect but the account books are properly maintained - Decided against the revenue.
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