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2015 (3) TMI 934 - AT - Income TaxUndisclosed stock - CIT(A) deleted the addition - Held that:- No difference in quantity of stock is reported by the Revenue. The AO has not made any enquiry in respect of the explanation of the assessee that the stock belonging to other entity was included into the stock statement submitted to its banker. The AO has observed that even if the stock of Auto Agency has been considered while submitting the stock statement of the company, then the stock statement ought to have exceeded the value as declared by the assessee before its banker. The claim of the assessee is that it was distributor of M/s.Eicher Motors Ltd., who subsequently appointed other entity, through which the assessee was making purchases. Undisputedly, the AO has not made any enquiry from M/s.Eicher Motors Ltd. with regard to purchases made by the assessee. No evidence is brought on record that apart from M/s.Eicher Motors Ltd. the assessee was also making purchases from third parties which has not been recorded by the assessee in its books of account. In the absence of such specific finding, we do not see any reason to interfere with the order of the ld.CIT(A). Therefore, respectfully following the ratio laid down in the judgement of the Hon’ble Jurisdictional High Court in the case of CIT vs. Veerdip Rollers P.Ltd.(2007 (10) TMI 376 - GUJARAT HIGH COURT), this ground of Revenue’s appeal is rejected. - Decided in favour of assessee.
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