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2016 (9) TMI 1035 - GUJARAT HIGH COURT

2016 (9) TMI 1035 - GUJARAT HIGH COURT - TMI - Differential value of stock - value as submitted before the banking authorities for procurement of credit facility vis­a­vis stock disclosed in the books of accounts - Held that:- Having considered the decision in case of Nangalia Impex (2014 (11) TMI 1092 - GUJARAT HIGH COURT), this Court is 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 h .....

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e Opponent JUDGMENT ( Per : Honourable Mr. Justice KS Jhaveri ) By way of this appeal, the appellant­revenue has challenged the order dated 10/06/2005 passed by the ITAT whereby the ITAT has reversed the view taken by the Assessing Officer which has been confirmed the CIT (Appeals) holding that once the books of account having been accepted, the addition made by the Department is not permissible. 2. While admitting the present appeal, following question of law has been framed: "Whether .....

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he Tribunal ought to have interfered with the finding of both the authorities since the Stock Register was not properly maintained by the assessee. He, therefore, contended that the view taken by the A.O., which has been confirmed by the CIT (Appeals) is required to be restored. 4. On the other hand, learned Counsel for the assessee, Mr.Shah has contended that the books of account has been accepted and the entries made in the books of account was not doubted and when the stock register was not m .....

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