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2007 (10) TMI 376 - HC - Income TaxUnexplained Investments- whether there can be any addition on account of difference in the value of closing stock furnished to the bank and the value of the stock found in the books of account furnished to the income-tax authorities? The Tribunal deleted the addition on the ground that the statement submitted by the assessee to the bank was on estimate basis and the value of the stock was inflated to avail of greater credit from the bank and that there was no justification for making any addition on the allegation of inflated stock shown to bank. Held that- dismissing the appeal, that the Tribunal had considered whether the value of stock shown in the books of account was genuine or not and there was no reason to hold that the finding of the Tribunal was perverse.
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