https://www.taxtmi.com/caselaws?id=183111 A stock statement furnished to a bank can be used as relevant evidence in tax proceedings, but it is not conclusive and may be rebutted by a satisfactory explanation. On the facts, the assessee failed to disprove the bank statement or to show that the recorded stock was unreliable, so the statement could not be ignored. The Tribunal also considered that the proper provision for unexplained stock was section 69A, not section 69C, and accepted credit for the opening stock shown to the bank. Only the unexplained balance of the closing stock was sustained for addition, while the overdraft explanation was rejected for want of fresh borrowings. en-us Fri, 31 Aug 2012 00:00:00 +0530 Mon, 30 May 2016 10:19:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183111 A stock statement furnished to a bank can be used as relevant evidence in tax proceedings, but it is not conclusive and may be rebutted by a satisfactory explanation. On the facts, the assessee failed to disprove the bank statement or to show that the recorded stock was unreliable, so the statement could not be ignored. The Tribunal also considered that the proper provision for unexplained stock was section 69A, not section 69C, and accepted credit for the opening stock shown to the bank. Only the unexplained balance of the closing stock was sustained for addition, while the overdraft explanation was rejected for want of fresh borrowings. Case-Laws Income Tax Fri, 31 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183111