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2012 (3) TMI 56 - AT - Income TaxBusiness Income Set off against Brought forward loss - Change in shareholding pattern loss not allowed - Held That:- Share transfer by uncle to nephew is not covered by proviso to Section 79, AO justified in not allowing the set of of less of Rs.2,52,269. Addition on account of Under Valuation of Stock - AO: valued "Methanol" entire stock at 10887.5 MT - Held That:- Valuation by assessee are in conformity with the method of accounting followed by it consistently and stands duly supported by the documentary evidence as submitted any lying on the record which has been verified. Consignment Sales - Bank deposits - Show cause treating it "Accommodation entries" - Held That:- SAles made to consignment agent who further sold goods to ultimate consumer. In assessee's books credit was given to agents, to save, time and expenses, the consignment agent asked the parties to whom goods have been sold to deposit the amount in the bank account of assessee. The assessee has paid commission to the consignment agent and tax was also deducted at source. On the above factual matrices amount received in bank account cannot be held as "Unexplained Deposits".
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