9911796707
TMI Blog2009 (11) TMI 43X X X X Extracts X X X X X X X X Extracts X X X X ..... and also by holding that there was unexplained investment by the assessee. The additions were confirmed by CIT(A) but the Tribunal deleted the same accepting the explanation of the assessee – held that - The Assessing Officer and the CIT(A) made and upheld addition on account of excess stock only on the basis of difference in the stock as per books of accounts and value of stock declared in the st ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing questions of law for opinion of this Court, arising out of Tribunal's order dated 16.1.1997 in ITA No.1579/Chandi/1990, for the assessment year 1988-89:- "i) Whether on the facts and in the circumstances of the case, the ITAT was right in law in deleting the additions of Rs.9515/- and Rs.2,06,250/- upheld by the CIT(A) on account of excess stock available with the assessee from unexplained i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en otherwise the accounts of the assessee have not been rejected by the AO and the assessee has been sending its monthly reports to be Excise Department which were found to be in order. The assessee has also furnished a certificate from the bank dated 10.12.1988 stating that no statement for the month of July 1987 was filed by the assessee to the bank authorities. The case of the assessee vis- -vi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to this Court. The Assessing Officer and the CIT(A) made and upheld addition on account of excess stock only on the basis of difference in the stock as per books of accounts and value of stock declared in the statement furnished to the bank. On examination of the matter, the Tribunal held that the value of stock as disclosed in the books of account was correct. Once that is so, no objection could ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
