https://www.taxtmi.com/caselaws?id=207876 The High Court dismissed the appeal under s. 260A of the IT Act, challenging the deletion of an addition of Rs.15,56,571 made on account of excess stock. The Court upheld the Tribunal's decision, emphasizing that the appellant failed to establish unaccounted purchases or sales outside the books of accounts to discredit the stock valuation. The Court accepted the genuineness of the accounting system and supporting documents provided by the assessee, concluding that discrepancies in stock statements for credit facilities did not undermine the legitimacy of the stock held. The appeal was dismissed for lack of merit. en-us Mon, 11 Jan 2010 00:00:00 +0530 Wed, 27 Jul 2016 12:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207876 The High Court dismissed the appeal under s. 260A of the IT Act, challenging the deletion of an addition of Rs.15,56,571 made on account of excess stock. The Court upheld the Tribunal's decision, emphasizing that the appellant failed to establish unaccounted purchases or sales outside the books of accounts to discredit the stock valuation. The Court accepted the genuineness of the accounting system and supporting documents provided by the assessee, concluding that discrepancies in stock statements for credit facilities did not undermine the legitimacy of the stock held. The appeal was dismissed for lack of merit. Case-Laws Income Tax Mon, 11 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207876