9911796707
TMI Blog2013 (11) TMI 1061X X X X Extracts X X X X X X X X Extracts X X X X ..... k as per statement furnished by the assessee was not made – Decided against Revenue. - I. T. R. No. 102 of 1997 - - - Dated:- 15-11-2013 - Rajive Bhalla And Dr. Bharat Bhushan Parsoon,JJ. For the Applicant : Mr. G. S. Hooda, Advocate For the Respondent : Mr. Aalok Mittal, Advocate and Ms. Supriya Garg, Advocate ORDER Dr. Bharat Bhushan Parsoon, J. Vide order dated 17.2.1997, Income Tax Appellate Tribunal, Chandigarh Bench (hereinafter referred to as, the Tribunal) while dealing with reference applications of the revenue (arising out of Tribunal's order dated 12.12.1991 in ITA Nos.583 and 584/ASR/86 relating to assessment years 1981-82 and 1983-84) in consonance with orders of 6.11.1996 of this Court in Income Tax A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ear 1983- 84 reveal that stock pertaining to tractors was found differently listed in the statement furnished to the bank as compared to the entries in the books of accounts. Rejecting version of the assessee that statement of stock furnished to the bank authorities is generally inflated to get more loan from the bank and concluding that in fact the stock in the books of accounts had been deflated and actual position of stock had not been reflected therein, the Assessing Officer had made an addition of Rs.7 lacs in each of assessment years. As already noticed, the CIT(A) and the Tribunal had disagreed with the findings of the Assessing Officer (for short, the AO). Consequently, finding of addition of Rs.7 lacs made by the AO was reversed. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ock statement submitted to the bank authorities so as to raise a finger at the genuineness of books of accounts. Not only this, the AO had not rejected the books of accounts of the assessee and no resort was made to provisions of Section 145 of the Act. 8. Looking from another angle, books of accounts prepared in regular course of business have got presumption of truth whereas no such presumption is available to stock statement furnished to the bank for purpose of availing credit facilities. No doubt, such presumption of truth attached to books of accounts is rebuttable but for that rebuttal, the AO was required to make reference to report of the bank regarding physical verification of hypothecated stock of the assessee. In absence of ref ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
