https://www.taxtmi.com/caselaws?id=331756 The High Court dismissed the Tax Appeal filed by the revenue, confirming the Tribunal's decision to delete the addition of &8377; 59,00,659/- due to discrepancies between stock shown in books and statements submitted to the bank. The Court emphasized the lack of physical verification by banking authorities, the consistent accounting practices of the assessee, and the absence of errors in statutory and tax audits. Relying on established legal principles, the Court held that inflated statements to banks do not automatically justify additions if there is a reasonable explanation for the differences, ultimately ruling in favor of the assessee. en-us Mon, 25 Jul 2016 00:00:00 +0530 Tue, 09 Jun 2026 16:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331756 The High Court dismissed the Tax Appeal filed by the revenue, confirming the Tribunal's decision to delete the addition of &8377; 59,00,659/- due to discrepancies between stock shown in books and statements submitted to the bank. The Court emphasized the lack of physical verification by banking authorities, the consistent accounting practices of the assessee, and the absence of errors in statutory and tax audits. Relying on established legal principles, the Court held that inflated statements to banks do not automatically justify additions if there is a reasonable explanation for the differences, ultimately ruling in favor of the assessee. Case-Laws Income Tax Mon, 25 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331756