https://www.taxtmi.com/caselaws?id=239884 The High Court upheld the Tribunal's decision to delete the addition of Rs.7 lakhs to the taxable income of a firm for the assessment year 1981-82. The Assessing Officer's presumption that the stock value declared in the books of accounts was suppressed was deemed unjustified as there was no verification report from the bank on the hypothecated stock. The High Court emphasized the stronger presumption of truth attached to the books of accounts and ruled in favor of the assessee, highlighting the lack of concrete evidence supporting the Assessing Officer's position. en-us Fri, 15 Nov 2013 00:00:00 +0530 Sat, 23 Nov 2013 15:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239884 The High Court upheld the Tribunal's decision to delete the addition of Rs.7 lakhs to the taxable income of a firm for the assessment year 1981-82. The Assessing Officer's presumption that the stock value declared in the books of accounts was suppressed was deemed unjustified as there was no verification report from the bank on the hypothecated stock. The High Court emphasized the stronger presumption of truth attached to the books of accounts and ruled in favor of the assessee, highlighting the lack of concrete evidence supporting the Assessing Officer's position. Case-Laws Income Tax Fri, 15 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239884