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TMI Blog2015 (1) TMI 478X X X X Extracts X X X X X X X X Extracts X X X X ..... shown in the books of account and the statement furnished to the banking authorities. In favour of assessee. - TAX APPEAL NO. 1051 of 2006 With TAX APPEAL NO. 1064 of 2006 TO TAX APPEAL NO. 1066 of 2006 - - - Dated:- 26-11-2014 - MR. KS JHAVERI AND MR. K.J.THAKER, JJ. FOR THE APPELLANT : MR PRANAV G DESAI, ADVOCATE JUDGEMENT Per: K S Jhaveri: 1. These matters involve common questions on law and facts and therefore, they are decided by this common judgment. 2. In T.A. No.1051/2006 filed u/s.260A of the Income Tax Act, 1961, challenge is to the judgment and order dated 31.01.2006 passed by the Income Tax Appellate Tribunal, Rajkot Bench in ITA No.2065/RJT/2002 for the A.Y. 1998-99 whereas, in T.As. No.1064/2006 to 10 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 377; 6,05,859/-, vide order dated 15.01.2001. 5. Against the above order of the A.O., appeal was filed before the CIT(A). The CIT(A) allowed the appeal filed by the assessee vide order dated 26.08.2002 and deleted the addition of ₹ 16,87,069/-. 6. Being aggrieved by and dissatisfied with the order of CIT(A), the Revenue filed appeal before the ITAT. Vide impugned judgment and order dated 31.01.2006, the ITAT dismissed the appeal of the Revenue. Hence, these Tax Appeals. 7. The appeals were admitted on the following common substantial question of law; Whether on the facts and circumstances of the case, the Appellate Tribunal was justified in deleting the addition made by the Assessing Officer of the differential ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tement before the bank is different than the books of account. However, this submission referring to this observation has to be considered in light of the entire discussion wherein the Tribunal has, referring to the CIT (A) order in detail has accepted the explanation given by the assessee and in that context has stated that when the books of account or the accounting system has been found to be genuine supported by vouchers, etc., the addition was not justified. 6. It is required to be mentioned that the stocks are hypothecated and not pledged, which was explained by the assessee and therefore in order to avail higher credit facilities the statement was given, but the stock was with the assessee, and therefore, the submissions a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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