1997 (9) TMI 617

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..... sessment year 1968-69 with which we are concerned, a sum of ₹ 1,79,044 was added to the income of the assessee on the ground that on 31-1-1988 the stock hypothecated with the bank was to the tune of ₹ 1,91,305 while in the account books the stock available was ₹ 12,260.31 only. The explanation given by the assessee that there was no such hypothecation of stock inasmuch as only a .....

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..... pparent was not real which was not discharged in the instant case. The view which has found favour with the Tribunal is supported by more than one decision of this Court. Reference may be made to the decisions of this Court in Century Foams (P.) Ltd. v. CIT [1994] 210 ITR 625 and in Swadeshi Cotton Mills Co. Ltd. v. CIT [1989] 180 ITR 651 wherein it was held that addition on acco .....

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