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2010 (1) TMI 769 - GUJARAT HIGH COURTAddition made on account of excess stock - stock in terms of quantity given to the bank is more than appearing in the books of accounts, and for all other months, the stock as given to the bank was less than the stock as per books of accounts, which would suggest that the purchases were not genuine - Held that:- when the books of account or the accounting system has been found to be genuine supported by vouchers, etc. the addition was not justified, stocks are hypothecated and not pledged, which was explained by the assessee and therefore in order to avail higher credit facilities the statement was given, but the stock was with the assessee, and therefore the submissions are misconceived, appeal dismissed.
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