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Commissioner of Income Tax Range-I, Bathinda Versus Shri Munish Kumar Bansal

2015 (7) TMI 688 - PUNJAB & HARYANA HIGH COURT

Suppression of stock - whether ITAT correct in holding that the asseessee has sufficiently rebutted the finding of the Assessing Officer that the assessee has suppressed its stock worth ₹ 1,51,67,000/- from appearing in his books of account and .....

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e had submitted a stock statement to the bank as on 30.03.2009. The bank officer who was questioned by the Assessing Officer stated that the loan of ₹ 100 lacs was disbursed on 30.03.2009 on the basis of the inventory as on that day. He further .....

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t by the respondents, had it not been so, the respondent's income itself would have reduced to that extent.

In the circumstances, we are unable to say that the finding of the Tribunal is perverse or totally unsustainable. - Decided against .....

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der of the Tribunal allowing the respondent's appeal against the order of the Commissioner of Income Tax (Appeals) upholding the addition of about ₹ 1.51 crores to the respondent's income. The following questions are sought to be raised .....

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,67,000/- from appearing in his books of account and thereby his income by that much amount? ii) Whether the reconcillation chart not furnished before the AO can be produced at the appellate stage? iii) Whether the Hon'ble ITAT Amritsar has erred .....

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on 31.03.2009 was actually ₹ 169.17 lacs and not ₹ 17,50,000/-. This was on the basis of the documents furnished by the respondent to avail a loan from the bank. According to the Assessing Officer, the documents disclosed the closing sto .....

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e on record. The question is whether the finding of the Tribunal is perverse or not. 4. The assessee's case is that the stock declared before the bank of ₹ 169.17 lacs was as on 30.03.2009 and that was for the purpose of rasing a loan. The .....

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