https://www.taxtmi.com/caselaws?id=192135 The court ruled in favor of the assessee, upholding the judgments of the Income-tax Appellate Tribunal for the assessment years 2002-03 and 2003-04. The court emphasized that differences in stock statements submitted for credit purposes alone do not justify additional tax liabilities. Relying on a previous decision, the court held that discrepancies in stock statements should not automatically result in tax assessments, especially in the absence of evidence of tax evasion or financial irregularities. Therefore, the court decided in favor of the assessee and against the Department in both tax appeals. en-us Fri, 08 Jul 2016 00:00:00 +0530 Tue, 09 Jun 2026 16:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192135 The court ruled in favor of the assessee, upholding the judgments of the Income-tax Appellate Tribunal for the assessment years 2002-03 and 2003-04. The court emphasized that differences in stock statements submitted for credit purposes alone do not justify additional tax liabilities. Relying on a previous decision, the court held that discrepancies in stock statements should not automatically result in tax assessments, especially in the absence of evidence of tax evasion or financial irregularities. Therefore, the court decided in favor of the assessee and against the Department in both tax appeals. Case-Laws Income Tax Fri, 08 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192135