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TMI Blog1975 (12) TMI 89X X X X Extracts X X X X X X X X Extracts X X X X ..... ount of the difference in the value of the stock shown in the books and the value shown in the hypothecation statements submitted to the bank. In the appeal for the asst. yr. 1962-63 the deletion of a similar addition of Rs. 13,600 is challenged. 4. The facts are in a narrow campus. The assessee had an overdraft account with the Laxmi Commercial Bank Ltd., against the security of stock-in-trade. In the accounting year relevant to the asst. yr. 1960-61 the ITO had made an addition of Rs. 60,950 for difference in the valued of the stock as per books and the value declared in the hypothecation statements filed before the bank. When the matter came up in appeal to the Tribunal only an addition of Rs,. 45,045 was sustained on the basis of a ce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order of the Tribunal the AAC summoned the Secretary of the Paper Merchant Association and recorded his statement. He forwarded a copy of the statement to the ITO with a covering letter requiring him to appears and defend the Department s case. It seems that the ITO did not appear before the AAC. Therefore, the AAC accepted the certificates of the Paper Merchants Association as correct and reiterated his first decision in deleting those two additions. 5. The revenue, being aggrieved, has again come up in appeal to the Tribunal. On behalf of the revenue it was submitted that the AAC had not made any efforts to ascertain the rates, prevailing on the relevant dates from other sources as directed by the Tribunal in their order dt.26th Feb., ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pt., 1971. It is admitted in the letter dt.10th Nov., 1975of the ITO filed before us that the letter in question was sent as per peon book to the Office of the ITO on21st Sept., 1971and bears despatch No. 3792. It is also admitted by him that the letter is shown to have been received by some one who had acknowledge it in pencil, but it is stated that the signatures are not legible nor identifiable from the existing record. In our opinion, even on the admission of the ITO it is clear that the letter dt.20th Sept., 1971along with the copy of the statement of witnesses was received by some one in the Officer of the ITO. It is not for the assessee to bring material on the record as to which of Official of the ITO received the letter. The fact r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e rates prevailing on the relevant dates from other sources, such as merchants dealing in similar goods. But all that the AAC could do in the matter was to give opportunity to both the parties to bring the necessary evidence on the record. Whatever evidence was brought on the record on that basis he decided the case. The ITO did not care to bring any material in regard to the rates prevailing on the relevant dates in the market and, therefore, he can have no cause of compliant. Now, on the basis of the certificates furnished by the Secretary, Paper Merchants Association, the value of stock in 1961-62 was Rs. 44,529 and for 1962-63 it was Rs. 41,761. Since the value taken by the Tribunal for the immediately preceding asst. yr. 1960-61 was Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X
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