https://www.taxtmi.com/caselaws?id=21086 HC upheld the reassessment initiated u/s 147(a) on the basis of discrepancy between stock value shown in the assessee's books and higher stock value declared to the bank. It held that the Tribunal rightly found the Assessing Officer's action proper and valid, as the assessee failed to fully and truly disclose all material facts. The HC rejected the assessee's explanation of routinely inflating stock for bank loans as self-serving and unsupported by evidence. Consequently, the addition u/s 69B treating the unexplained excess stock as income was sustained. Both questions were answered in the affirmative, in favour of the Revenue and against the assessee. en-us Fri, 27 Nov 1992 00:00:00 +0530 Thu, 11 Dec 2025 18:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21086 HC upheld the reassessment initiated u/s 147(a) on the basis of discrepancy between stock value shown in the assessee's books and higher stock value declared to the bank. It held that the Tribunal rightly found the Assessing Officer's action proper and valid, as the assessee failed to fully and truly disclose all material facts. The HC rejected the assessee's explanation of routinely inflating stock for bank loans as self-serving and unsupported by evidence. Consequently, the addition u/s 69B treating the unexplained excess stock as income was sustained. Both questions were answered in the affirmative, in favour of the Revenue and against the assessee. Case-Laws Income Tax Fri, 27 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21086