TMI Blog2004 (7) TMI 12X X X X Extracts X X X X X X X X Extracts X X X X ..... ved that except for the photocopy of this stock statement allegedly furnished to the bank, the Assessing Officer has not brought any material on record to show that the assessee, in fact, possessed stocks as reflected in the said statement as against the stock depicted in the balance-sheet. It was also found that the books of account were regularly maintained by the assessee and had been accepted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee had a stock of rice permal weighing 2,300 quintals whereas as per the balance-sheet as on March 31, 1985, there was stock of 818.30 quintals. The assessee contested the said statement and claimed that the same had not been filed by it and, therefore, it should be confronted with the original statement. Even the signatures on the said statement were denied. The Assessing Officer observed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bank was in the nature of stock hypothecation and not pledge and, as such, the stock remained in the possession and under the lock and key of the assessee. He further observed that there was no evidence to the effect that the stock hypothecated with the bank was ever verified by the bank. He also held that the Assessing Officer could not impose extra burden on the basis of a photocopy of the bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee and had been accepted by the Department. We have heard counsel for the appellant and perused the orders of the authorities below. The Tribunal and the Commissioner of Income-tax (Appeals), on the basis of the material on record, have taken a possible view which has not been shown to be perverse. Thus, in the absence of any substantial question of law, no case has been made out for interferenc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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