https://www.taxtmi.com/caselaws?id=362278 The Tribunal overturned the addition of Rs. 10,00,890 to the assessee's income due to differences in stock valuation between accounts and the stock statement submitted to the bank. Despite the CIT(A) upholding the addition, the Tribunal ruled in favor of the assessee, citing that discrepancies in stock valuation for loan purposes should not be considered undisclosed income. The decision stressed the importance of accurate stock valuation and the need for proper verification, setting a precedent for similar cases involving discrepancies in stock statements submitted for credit facilities. en-us Wed, 20 Jun 2018 00:00:00 +0530 Fri, 22 Jun 2018 08:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362278 The Tribunal overturned the addition of Rs. 10,00,890 to the assessee's income due to differences in stock valuation between accounts and the stock statement submitted to the bank. Despite the CIT(A) upholding the addition, the Tribunal ruled in favor of the assessee, citing that discrepancies in stock valuation for loan purposes should not be considered undisclosed income. The decision stressed the importance of accurate stock valuation and the need for proper verification, setting a precedent for similar cases involving discrepancies in stock statements submitted for credit facilities. Case-Laws Income Tax Wed, 20 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362278