https://www.taxtmi.com/caselaws?id=255279 The High Court upheld the decision of the Income Tax Appellate Tribunal to delete the addition made by the Assessing Officer regarding the differential stock statement in the assessee's total income. Relying on precedent, the Court emphasized that discrepancies in stock values for credit purposes do not warrant income additions if the books of account are genuine. The Court rejected the Revenue's appeals, affirming the genuineness of the assessee's books of account and the lack of justification for adding the differential stock amount to the total income. en-us Wed, 26 Nov 2014 00:00:00 +0530 Tue, 13 Jan 2015 12:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255279 The High Court upheld the decision of the Income Tax Appellate Tribunal to delete the addition made by the Assessing Officer regarding the differential stock statement in the assessee's total income. Relying on precedent, the Court emphasized that discrepancies in stock values for credit purposes do not warrant income additions if the books of account are genuine. The Court rejected the Revenue's appeals, affirming the genuineness of the assessee's books of account and the lack of justification for adding the differential stock amount to the total income. Case-Laws Income Tax Wed, 26 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255279