https://www.taxtmi.com/caselaws?id=26234 The Income-tax Appellate Tribunal ruled in favor of the assessee, deleting the addition of undisclosed income due to discrepancies in stock positions between account books and bank records. The Tribunal accepted the stock figures from the assessee's books, attributing the differences to inflated stock declarations for loan purposes. The Tribunal's decision to admit additional evidence under rule 46A of Income-tax Rules was upheld, emphasizing the relevance of understanding the discrepancy in stock positions and the practice of inflating figures for loans. The Tribunal's recognition of the common business practice of declaring inflated stock figures for loan purposes was pivotal in dismissing the petition. en-us Tue, 09 Jul 1985 00:00:00 +0530 Wed, 03 Feb 2010 16:16:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26234 The Income-tax Appellate Tribunal ruled in favor of the assessee, deleting the addition of undisclosed income due to discrepancies in stock positions between account books and bank records. The Tribunal accepted the stock figures from the assessee's books, attributing the differences to inflated stock declarations for loan purposes. The Tribunal's decision to admit additional evidence under rule 46A of Income-tax Rules was upheld, emphasizing the relevance of understanding the discrepancy in stock positions and the practice of inflating figures for loans. The Tribunal's recognition of the common business practice of declaring inflated stock figures for loan purposes was pivotal in dismissing the petition. Case-Laws Income Tax Tue, 09 Jul 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26234