1982 (3) TMI 129 - AT - Income Tax

Summary

The only ground raised in the revenue's appeal was regarding the deletion of Rs. 31,560 made by the ITO on account of a difference in stock as on 31st March, 1974. The AAC deleted the addition as the stock details furnished to the bank on 28th March, 1974 matched the stock with the assessee, and no details were provided for dates between 28th March, 1974 to 4th April, 1974. The AAC found no need for interference as the stock remained the same and some stock was sold during the period. The Revenue's appeal was dismissed.