https://www.taxtmi.com/caselaws?id=55080 A stock statement furnished to a bank can operate as an admission against the assessee unless it is convincingly rebutted. The books of account are not accepted automatically merely because they are regularly maintained; where the assessee alone is in special knowledge of both sets of figures, the burden lies on the assessee to prove that the bank statement is incorrect or that the books were independently verified as correct. On that basis, an addition for discrepancy between book stock and bank stock was sustainable in principle, but where monthly differences were aggregated, the addition had to be confined to the peak outstanding discrepancy only. en-us Tue, 27 Mar 2001 00:00:00 +0530 Tue, 23 Nov 2010 17:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55080 A stock statement furnished to a bank can operate as an admission against the assessee unless it is convincingly rebutted. The books of account are not accepted automatically merely because they are regularly maintained; where the assessee alone is in special knowledge of both sets of figures, the burden lies on the assessee to prove that the bank statement is incorrect or that the books were independently verified as correct. On that basis, an addition for discrepancy between book stock and bank stock was sustainable in principle, but where monthly differences were aggregated, the addition had to be confined to the peak outstanding discrepancy only. Case-Laws Income Tax Tue, 27 Mar 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55080