2004 (3) TMI 330

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..... dispute involved in this appeal is relating to the addition of Rs. 1,40,500 deleted by the CIT(A) out of addition of Rs. 1,53,360. 2. Parties have been heard and record perused. The relevant facts, briefly stated, are that the AO had noticed a discrepancy in sales of Rs. 1,53,360 in the account of ICL. When confronted, the assessee explained that the goods had been sold to ICL in the year under .....

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..... 53,360 on account of sales made to ICL. The fact that the assessee had debited the sales by an amount of Rs. 1,53,360 and credited the closing stock by an amount of Rs. 1,40,500, is not disputed. Therefore, assuming for argument sake that the assessee ought to have reflected the sales of Rs. 1,53,360 made to ICL in the year under appeal, the addition to the closing stock of Rs. 1,40,500 on account .....

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