TMI Blog2014 (11) TMI 1092X X X X Extracts X X X X X X X X Extracts X X X X ..... itted to the Bank. We are, therefore, of the opinion that the CIT(A) as well as the Tribunal committed no error in passing the impugned order. - TAX APPEAL NO. 1174 of 2014 - - - Dated:- 25-11-2014 - MR.JUSTICE KS JHAVERI AND MR.JUSTICE K.J.THAKER MR SUDHIR M MEHTA, ADVOCATE FOR THE APPELLANT JUDGEMENT K.S. Jhaveri, J. 1. This is an appeal by the appellant-revenue, challenging the order of the learned ITAT (for short, 'the Tribunal'), Dated 22.11.2013, rendered in ITA No. 745/Ahd/2013, whereby, the Tribunal dismissed the appeal of the revenue. 2. The brief facts of the case are that the respondent-assessee is a firm, engaged in the business of export of silk. The assessee filed its return of income for A. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... recorded in the books of account and even after the stock has been sold out? 3. Mr. Mehta, learned Advocate for the appellant-revenue, submitted that the CIT(A) as well as the Tribunal failed to appreciate the material on record and thereby committed a grave error in passing the impugned order. He submitted that the the Tribunal ought to have appreciated the fact that the statement of stock submitted to the bank contained less stock, then, the stock shown in the books of accounts. He, hence, submitted that the Tribunal ought to have held that there was purchase made by the assessee from unaccounted source. Therefore, he prayed that the appeal be allowed. 4. Heard, Mr. Mehta, learned Advocate for the appellant-revenue, and perused th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ound, therein. Apart from that the AO did not produce any material to show that the assessee had made purchases out of undisclosed income. It is not the case of the revenue or for that matter AO that the Bank had physically verified the stock lying with the assessee. On the contrary, from a perusal of the assessment order, it transpires that the assessee had shown more stock in books than in the statement submitted to the Bank. We are, therefore, of the opinion that the CIT(A) as well as the Tribunal committed no error in passing the impugned order. 7. In the result, this appeal fails and stands DISMISSED, as being without merit. The question of law is answered in favour of the assessee and against the revenue, accordingly. No order as t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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