2001 (11) TMI 14

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..... nsel for the appellant. This appeal under section 260A of the Income-tax Act, 1961, is directed against the order of the Income-tax Appellate Tribunal, Jodhpur Bench, Jodhpur, dated May 31, 2001. The question suggested by the Revenue in this appeal as a substantial question of law involved in this case is as under: "Whether, on the facts and in the circumstances of the case, the Income tax Appel .....

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..... oying loan facility revealing closing stock at a much higher amount. For this discrepancy, the assessee was given show-cause notice for making addition of Rs, 2,89,700. In response the assessee submitted the details about his purchases and sales during the previous year in question and stated that since he was having loan facility from the bank, he has deliberately inflated the stock position so a .....

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..... nd sales has been explained by the assessee. In view of these facts, the Tribunal accepted the explanation furnished by the assessee that the stock statement submitted to the bank was a motivated one to be more plausible and deleted the additions made on that basis by the assessing authority. The aforesaid facts clearly show that the Tribunal on appreciation of evidence including the result of in .....

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