2012 (10) TMI 1146 - HC - Income Tax

Summary

Issues involved: Challenge to addition of stock difference and unexplained cash found by Income Tax Appellate Tribunal.

Summary:
The appellant challenged the Income Tax Appellate Tribunal's decision to add Rs. 27.70 lakhs for stock difference and Rs. 1.10 lakhs as unexplained cash. The Tribunal upheld the addition based on the unaccounted stock found during a survey and the appellant's admission of the same. The appellant failed to provide a satisfactory explanation for the discrepancies, leading to the authorities ruling against him. The appellant argued that he was not required to produce documents before the assessment proceedings, but the court found that the evidence supported the Tribunal's decision. The court concluded that no legal question arose, as the appellant had admitted to the unaccounted stock during the survey. Therefore, the appeal was dismissed, and the Tribunal's decision was upheld.