https://www.taxtmi.com/caselaws?id=23802 Deletion of the cash-credit addition was upheld because the Tribunal found, on the record, that the entries represented advances later adjusted through supply of goods under invoices. The addition relating to alleged undeclared stocks hypothecated to the bank also failed because the Tribunal accepted the assessee's explanation that the overdraft was backed by hypothecated stock, found no evidence of stock undervaluation, and noted that the revenue produced no material to support a higher-value hypothecation theory. In the absence of evidence to displace these factual findings, the proposed questions were treated as pure questions of fact and no referable question of law arose. en-us Mon, 31 Jul 1989 00:00:00 +0530 Thu, 14 Jan 2010 13:25:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23802 Deletion of the cash-credit addition was upheld because the Tribunal found, on the record, that the entries represented advances later adjusted through supply of goods under invoices. The addition relating to alleged undeclared stocks hypothecated to the bank also failed because the Tribunal accepted the assessee's explanation that the overdraft was backed by hypothecated stock, found no evidence of stock undervaluation, and noted that the revenue produced no material to support a higher-value hypothecation theory. In the absence of evidence to displace these factual findings, the proposed questions were treated as pure questions of fact and no referable question of law arose. Case-Laws Income Tax Mon, 31 Jul 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23802