TMI Blog2016 (9) TMI 1035X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the opinion that the stock register which was maintained by the assessee; entries of which have been reflected in the Books of Account and the said aspect has been accepted by the authorities below and therefore, the view taken by the tribunal is just and proper in deleting the addition made on account of differential value of stock as submitted before the banking authorities for procurement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and circumstances of the case, the Appellate Tribunal was right in law in deleting the addition made on account of differential value of stock as submitted before the banking authorities for procurement of credit facility vis a vis stock disclosed in the books of accounts 3. Learned Counsel for the appellant has submitted that in view of the observations made by the CIT (Appeals) in its ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (Gujarat) has arisen and he relied upon the observations made therein in paragraph No.6 which reads thus and contended that the appeal of the Department is required to be dismissed. 6. In the case on hand also, the case of the assessee was selected for scrutiny, during which the concerned AO found that the stock statement given by the assessee to the Bank and the actual stock lying with it wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. 5. Having heard the learned Counsel for the parties and having considered the decision in case of Nangalia Impex (supra), this Court is of the opinion that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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