Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2017 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (12) TMI 66 - HC - Income TaxDifference and discrepancy in the stock - Held that:- The assessee – sole proprietor of M/s Deshraj Ashutosh involved in the business of sale and purchase of foodgrains on commission basis, was saddled with petitioner’s liability on account of difference and discrepancy in the stock. The AO was of the opinion that an addition of ₹ 8,67,87,925/- was justified on account of the discrepancy. The Appellate Commissioner was satisfied with the assessee’s explanation with respect to inflated statement of stock with the bankers and noted that no discrepancy in the stock statements as appearing from the physical verification and that apparent from the books of account emerged. The amount was, therefore, deleted. The ITAT upheld the findings of the CIT(A). No substantial question of law
|