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TMI Blog2016 (7) TMI 965X X X X Extracts X X X X X X X X Extracts X X X X ..... er of the Assessing Officer. 2. At the time of admitting this Appeal, following question of law was framed:- "(i) Whether in the facts and circumstances of the case the Tribunal has substantially erred in law in restoring the addition of Rs. 17,99,280/- by way of difference between the stock shown in the regular books of accounts of the appellant and that declared in the statement furnished to the Bank in respect of hypothecation facility availed of by it?" 3. Mr.B.D.Karia, learned advocate for the appellant submitted that the actual verification of the stock was not done and the Tribunal has erred in not giving weightage to the finding of CIT (Appeals) that the addition was made by the Assessing Officer not on the basis of the differen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessing Officer amounting to Rs. 44,29,335/- is hereby directed to be deleted." 3.1 Mr.Karia further contended that the issue involved in this appeal is squarely covered by the decision of this Court rendered in Tax Appeal Nos.16 and 229 of 2001 decided on 25/11/2004. 4. On the other hand, learned advocate for the respondent has taken us through the Assessment Order and the impugned order of the Tribunal. It is observed by the Tribunal in the impugned order that, "As regards the quantitative difference we find that the CIT (A) is not justified in deleting the same. It is a specifically stated figure in the bank statement. The Manager of the Bank was examined about the character of the company. The Accountant of the assessee-company was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dhi Steel And Tubes Pvt. Ltd., reported in 40 taxmann.com. 177, and more particularly, para-9.1 and 9.2, which reads as under: 9.1 Again, the Court cannot be oblivious of the fact that the assessee had been subjected to statutory audit under the Companies Act, 1956 and also tax audit under the Income tax Act. No errors were found 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 no discrepancies wer ..... X X X X Extracts X X X X X X X X Extracts X X X X
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