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2015 (7) TMI 688 - HC - Income TaxSuppression of stock - whether ITAT correct in holding that the asseessee has sufficiently rebutted the finding of the Assessing Officer that the assessee has suppressed its stock worth ₹ 1,51,67,000/- from appearing in his books of account and thereby his income by that much amount? - Held that:- The assessee's case is that the stock declared before the bank of ₹ 169.17 lacs was as on 30.03.2009 and that was for the purpose of raising a loan. The Tribunal also found that the assessee had submitted a stock statement to the bank as on 30.03.2009. The bank officer who was questioned by the Assessing Officer stated that the loan of ₹ 100 lacs was disbursed on 30.03.2009 on the basis of the inventory as on that day. He further stated that the inventory of stock was physically verified. On 31.03.2009, ₹ 166 lacs was booked as sales. The Tribunal has expressly noted that the sales were not doubted by the authorities and in fact had been accepted. As rightly pointed out by the respondents, had it not been so, the respondent's income itself would have reduced to that extent. In the circumstances, we are unable to say that the finding of the Tribunal is perverse or totally unsustainable. - Decided against revenue.
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