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2022 (5) TMI 1018 - HC - Income TaxAddition on differential stock - Whether ITAT was right in law in confirming the addition on account of fittings which has been sold along with the pipes, the value of which has been included in the closing stock of finished goods? - HELD THAT:- Court does not wish to examine this Question any further. The Court has examined the concurrent findings of the AO, CIT(A) and the ITAT in this regard and is of the view that they do not call for interference. Unexplained/non-existent creditors - HELD THAT:- As the Court is satisfied that sufficient opportunity was granted to the Appellant to furnish the evidence to prove the genuineness of such credit balance and the Appellant was unable to avail of such opportunity. Consequently, on Questions (ii) and (iii), this Court answers the Questions in the affirmative i.e. in favour of the Department and against the Assessee. Addition of inflated credit balance of RIL - HELD THAT:- This Question is answered in the negative and relying on the decisions of the Courts, the question of addition is remanded to the CIT(A) for examining it afresh in light of the evidence produced by the Assessee, which was not examined earlier. For this purpose, the matter would be listed before the CIT(A) on 18th July, 2022. It will be open to the CIT(A) to seek a fresh remand report from the AO and in particular, after issuing notice under Section 131 of the Act to KME to ask for its books of account for the relevant period.
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