Undisclosed income u/s 69B - stock submitted to the bank - Such ...

Undisclosed Income u/s 69B: Assessee Must Reconcile Discrepancy in Stock Reported to Bank and in Books.

February 24, 2022

Case Laws     Income Tax     HC

Undisclosed income u/s 69B - stock submitted to the bank - Such a tendency tantamount to commercial immorality for obtaining unjustified gains in the form of higher credit facility or loans etc. by showing incorrect statement of stock position to the Bank. In any case, the burden lies upon the assessee to reconcile the difference of stock position presented to the bank with the stock position mentioned in the books of accounts/audit report. Thus excess stock represented the income of the assessee from undisclosed sources. - HC

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