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TMI Blog1987 (7) TMI 144X X X X Extracts X X X X X X X X Extracts X X X X ..... eb., 1987 in ITA Nos. 536 and 642 of 1986 (being cross appeals by the assessee and the Revenue) relating to the asst. yr. 1982-83, to the Hon'ble High Court of Punjab Haryana at Chandigarh under s. 255(1) of the Act: R.A. No. 93 of 1987 "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in holding that the stocks pledged by the assessee wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of this amount to the declared income accordingly. On appeal, the CIT held that only the cost price of the stock hypothecated with the bank should have been added and not the market price. He, therefore, reduced the addition by Rs. 1,91,184 observing that G.P. rate shown by the assessee was 21 per cent and, therefore, the value should be reduced by that percentage. The balance addition was con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also agreed with the reduction allowed by the CIT. At the same time the Tribunal observed that since the entire addition made by the ITO had been deleted by the Tribunal, this exercise was only academic. The above deletion by the Tribunal was because of certain findings of fact. Therefore, no question of law arises so far as R.A. No. 93 of 1987 is concerned. Similarly question in R.A. No. 94 of 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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