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2010 (10) TMI 26 - HC - Income TaxUnexplained Investment - The Assessing officer made addition to the declared income of the assessee on the basis of stock available with it but not reflected in the books of accounts. The stock statement of hypothecated goods furnished to the bank was also at variance with the stock entered in the books of account. The Commissioner (Appeals) deleted the additions observing that without verification from the bank, the stock statement furnished to the bank could not have been relied upon. The Tribunal set aside the order of the Commissioner (Appeals) and restored that of the Assessing Officer. Held that - the assessee was given due opportunity to explain the difference, but it could not give any satisfactory explanation. In these circumstances, the Commissioner (Appeals) was not justified in deleting the addition. The findings recorded by the Tribunal being a finding of fact did not call for any interference.
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