1987 (7) TMI 144 - AT - Income Tax

Summary

The Revenue sought to refer questions of law regarding inflated stocks pledged with the bank for the asst. yr. 1982-83. The CIT reduced the addition to declared income based on cost price. The Tribunal found the statements to the bank were mechanical and motivated, deleting the entire addition made by the ITO. No referable question of law arose, so both reference applications were dismissed. Appellate Tribunal: ITAT CHANDIGARH.