9911796707
TMI Blog1982 (3) TMI 129X X X X Extracts X X X X X X X X Extracts X X X X ..... for asst. yr. 1974-75, which is under consideration, as the ITO found that on the said date there was difference in details of closing stock disclosed by the assessee to the Central Bank of India and closing stock as per the books of the assessee. 2. In respect of the above dispute, there is no controversy about the fact that the assessee's case of overdraft with the Central Bank of India was n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 1974, report of the stock was furnished to the bank only on 4th April, 1974. Naturally the Bank considered the position of 28th March, 1974 also as that of 31st March, 1974. In the meantime, the appellant had sold some stock on 29th, 30th 31st March, 1974. Keeping in view the facts and circumstances of the case, in my opinion, the addition of Rs. 31,560 was not called for, the same is deleted. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the said addition because he has found it as a fact that it was stock as on 28th March, 1974 which was furnished to the bank and the same since was not varied from day to day up to 31st March, 1974, it continued to be the same and he also observed that the assessee had sold some stock during the period. No addition on account of the discrepancy between stock of the assessee as on 31st March, 197 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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