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2020 (2) TMI 159 - HC - Income TaxUndisclosed purchase - purchases were not properly entered - there was “Excess Book Stock” as compared to “Physical Stock - HELD THAT:- As recorded in the books , no question of law arises in the present case, much less substantial question of law, giving rise to the maintainability of the appeal under Section 260A, by the Assessee. The admission on the part of the Assessee was the best evidence to be used by the Assessing Authority in the present case. Admittedly, during the course of survey, the discrepancies in the stocks of gold were found at the business place of the Assessee for which initially though he admitted a difference of ₹ 50 lakhs in value, but later on during the course of assessment proceedings, he seems to have reduced that valuation by the admission letters dated 7 March 2005 and 17 February 2006, to the extent of ₹ 42 lakhs. The Tribunal has upheld the admissions only to the extent of ₹ 42 lakhs in the present case. We do not find any perversity in the said findings of the learned Tribunal based on the admission of the Assessee himself and therefore, we do not find any merit in the appeal filed by the Assessee and the same deserves to be dismissed.
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