TMI Blog2017 (11) TMI 396X X X X Extracts X X X X X X X X Extracts X X X X ..... nion that the exercise undertaken by the CIT(A) is based upon sound principles – he did not base himself merely upon Bank stock statement furnished to the Bank but rather went into detail and examined the excise returns and the other audited documents. The appreciation of this evidence is in no way unreasonable and the findings are in accordance with law. The ITAT did not fall into any error in af ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l, the Income Tax Appellate Tribunal by its order dated 30.11.2010 remitted the matter on the question of stock verification for the previous years 1996-1997, 1997-1998 and 1998- 1999, having regard to the stock statements of the hypothecated finished goods and the other relevant records such as those available with the Excise authorities. Para 11 of the ITAT s order of 30.11.2010, outlines the sc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... based upon an appraisal of not merely the Bank stock statement but also RG-I Registers and Form 3CB duly audited by the Company s auditors, and accepted by the Excise Department. The relevant extract of the CIT s order is as follows: In view of the above primary records maintained by the appellant which are verified by the Central Excise authorities and which have not been found to be untrue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taken the figures of opening stock of sugar as well from the same source, namely the statement as on 31.03.1998 as furnished to the bank. This preposition is based on the principle of consistency in approach as it would be improper to place reliance on the book stock for opening balance and in the same breadth the bank statement for closing balance. Therefore, the opening stock of sugar (whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imself merely upon Bank stock statement furnished to the Bank but rather went into detail and examined the excise returns and the other audited documents. The appreciation of this evidence is in no way unreasonable and the findings are in accordance with law. The ITAT did not fall into any error in affirming the CIT s order. 7. No question of law arises. 8. The appeal is, therefore, dismisse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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