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2004 (7) TMI 12 - HC - Income TaxIncome from undisclosed sources - Commissioner of Income-tax (Appeals) and the Tribunal have recorded concurrent findings of fact that the credit facility was against hypothecation of stock and not against pledge. It was also observed that except for the photocopy of this stock statement allegedly furnished to the bank, the Assessing Officer has not brought any material on record to show that the assessee, in fact, possessed stocks as reflected in the said statement as against the stock depicted in the balance-sheet. It was also found that the books of account were regularly maintained by the assessee and had been accepted by the Department. Finding of Tribunal and the Commissioner of Income-tax (Appeals) has not been shown to be perverse. Thus, appeal is dismissed in limine.
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