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Commissioner of Income Tax Versus Jay Jalaram Pulse Mills

2016 (9) TMI 1035 - GUJARAT HIGH COURT

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) TM .....

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herefore, 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 of credit facility vis­a­vis stock disclosed in the books .....

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ice 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 th .....

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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 vis­a­vis stock disclosed in the books of accounts 3. .....

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inding 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 h .....

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ement which was given by the assessee. He has further contended that similar issue in case of Commissioner of Income­tax­I v. Nangalia Impex [2015] 54 taxmann.com 225 (Gujarat) has arisen and he relied upon the observations made therein in pa .....

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ment given by the assessee to the Bank and the actual stock lying with it was not tallying. The CIT(A) in its order recorded that the assessee had shown processed stock in the Books of Account for ₹ 91.76/- for June & July, 2003, ₹ 91 .....

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c. and the same were neither disputed nor any discrepancy was found, 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 ma .....

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