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2016 (7) TMI 965 - HC - Income TaxDifference in the amount declared in books of accounts and statement furnished to Bank - Addition on difference between the stock shown in the regular books of accounts of the appellant and that declared in the statement furnished to the Bank in respect of hypothecation facility availed of by it - Held that:- As only on account of inflated statements furnished to the banking authorities for the purpose of availing of larger credit facilities, no addition can be made if there appears to be a difference between the stock shown in the books of account and the statement furnished to the banking authorities See ALLIANCE INDUSTRIES Versus INCOME TAX OFFICER [2014 (11) TMI 935 - GUJARAT HIGH COURT] - Decided in favour of assessee
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