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TMI Blog2014 (11) TMI 935X X X X Extracts X X X X X X X X Extracts X X X X ..... RABLE MR.JUSTICE KS JHAVERI) 1. By way of these appeals, the appellant of Tax Appeal No. 16/2001 has challenged the judgment and order dated 21.9.2000 passed by the Income Tax appellate Tribunal, Ahmedabad Bench, Ahmedabad in ITA NO. 5108/A/94 for AY 1990-91, whereas, the appellant of Tax Appeal No. 229/2001 has challenged the judgment and order dated 28.2.2001 passed by the Income Tax Appellate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere processed u/s. 143(1)(a) and the cases are selected for scrutiny. In response to notice u/s. 143(2) the assessees have produced books of account. After considering the material on record, the assessment order came to be passed. Against the said order, an appeal before the CIT(A) has been preferred by the assessee which came to be allowed. Against the order of CIT(A), the Revenue has preferred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ound at any stage in the report submitted by these auditors and for the past eight years, the assessee had been following continuously/ consistently the method of accounting, as provided under section 145 of the Act, valuing the closing stock and inventory, as provided under section 145 A of the Act. The assessee was also subjected to Excise and VAT and the books of account were found genuine and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccount and the statement furnished to the banking authorities. If, for the purpose of fulfilling the margin requirements of the bank purely on inflated estimate basis, when the stock statement had reflected inflated value of the stock, in wake of otherwise satisfactory explanation, both for the purpose of value as well as quantity, we find no reason to interfere with the order of the Tribunal." 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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