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2013 (12) TMI 1370 - HC - Income TaxDifference in value of stock as per stock statement submitted to bank and stocks as per books - Held that:- The assessee's income was to be assessed on the basis of the material required to be considered for the assessment and not on the basis of the statements given to third party - The burden of showing undisclosed income was on the revenue - That burden cannot be said to be discharged by referring to the statements given by the assessee to the bank, and making it the foundation for adding the difference in the stock as his income - The CIT had accepted the books of accounts and had found that all the purchases and sales are vouched - The stock registers were maintained by the assessee in ordinary course of business - No defects were pointed out in maintenance of such registers, nor there was any other information or material to doubt their correctness - The statements given by the assessee to the bank for obtaining overdraft facility, in the practice prevalent to overstate the stocks to obtain overdraft facility could not be treated to add the entire difference and that too in respect to only one of the items namely the 'zinc' - Decided against Revenue.
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