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

2015 (7) TMI 688 - PUNJAB & HARYANA HIGH COURT - TMI - 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 thereby his income by that much amount? - Held that:- 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 r .....

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es and in fact had been accepted. As rightly pointed out 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 revenue. - ITA No. 247 of 2014 - Dated:- 13-7-2015 - S J Vazifdar, ACJ And G. S. Sandhawalia, JJ. For the Appellant : Mr G S Hooda, Adv. For the Respondent : Mr Ravi Shankar, Adv. ORDER S. J. Va .....

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he assessee has suppressed its stock worth ₹ 1,51,67,000/- 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 in relying upon the additional document?" 2. The respondents contended that the closing stock as on 31.03.2009 was only ₹ 17,50,000/-. The assessing officer, however, upon taking up t .....

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