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2013 (11) TMI 1061 - PUNJAB & HARYANA HIGH COURTDifference in value of stock – Held that:- Conclusion drawn by the AO is not based on any verification of stock statement submitted to the bank authorities so as to question the genuineness of books of accounts - The AO had not rejected the books of accounts of the assessee and no resort was made to provisions of Section 145 of the Act - Books of accounts prepared in regular course of business have got presumption of truth whereas no such presumption is available to stock statement furnished to the bank for purpose of availing credit facilities - Reference to physical verification report of the bank being hypothecated stock as per statement furnished by the assessee was not made – Decided against Revenue.
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