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2009 (10) TMI 15 - ALLAHABAD HIGH COURTDeclaration of higher stock before bank - AO has obtained a statement from the bank under Section 133 (6) of the Income-tax Act, 1961. The information, which has been obtained from the bank is with regard to the stocks available with the assessee on different dates. - Accordinlgy closing stock of the appellant on an average basis for the assessment year under consideration is Rs.9,75,775/-, instead of Rs.3,48,559/- and accordingly enhanced the taxable income – Held that - no foundation has been laid down for enhancement of stock except that it was taken on an average of the stock furnished by the assessee to the Bank - The necessary information was obtained from the Bank under Section 133 (6) of the Income-tax Act. Further, no cogent reason has been assigned by the Assessing Authority as to why he has taken average of the stock instead of relying on the closing stock as disclosed in the accounts books on 31.3.2002 – matter remanded for fresh consideration
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