TMI Blog2014 (11) TMI 935X X X X Extracts X X X X X X X X Extracts X X X X ..... hat declared in the statement furnished to the Bank in respect of hypothecation facility availed of by it – Held that:- Assessee rightly contended that in Commissioner of Income Tax - III Versus Riddhi Steel And Tubes Pvt. Ltd. [2013 (10) TMI 291 - GUJARAT HIGH COURT] the same matter has been decided - No errors were found at any stage in the report submitted by these auditors and for the past eig ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ORAL JUDGMENT (PER : HONOURABLE 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 28.2.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rocessed 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 an ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 no discrepancies were found even by the Excise Audit report for the period J ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. The learned advocate appearing for the respondent is not in a position to dispute the same. In that view of the matter, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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