https://www.taxtmi.com/caselaws?id=187708 The Tribunal held that no addition could be made on account of the difference between the closing stock declared to the bank and shown in the books of accounts if there was no discrepancy found. The assessee had hypothecated stocks to the bank for credit but retained physical control over them, with no physical verification by the bank. Complete documentation supported the stock valuation, and no undisclosed sources for stock investment were found. As there was no evidence of discrepancies in the account books, the Tribunal upheld the CIT(A)'s decision to delete the addition, rejecting the Revenue's appeal. en-us Wed, 26 Aug 2009 00:00:00 +0530 Thu, 03 Nov 2016 14:26:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187708 The Tribunal held that no addition could be made on account of the difference between the closing stock declared to the bank and shown in the books of accounts if there was no discrepancy found. The assessee had hypothecated stocks to the bank for credit but retained physical control over them, with no physical verification by the bank. Complete documentation supported the stock valuation, and no undisclosed sources for stock investment were found. As there was no evidence of discrepancies in the account books, the Tribunal upheld the CIT(A)'s decision to delete the addition, rejecting the Revenue's appeal. Case-Laws Income Tax Wed, 26 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187708