https://www.taxtmi.com/caselaws?id=56973 Stock additions based solely on discrepancies between book stock and bank hypothecation statements are unsustainable where maintained stock registers have undergone consistent independent verification without discrepancies. Bank declarations made for hypothecation purposes do not outweigh reliable stock records unless the Department establishes actual stock suppression or undisclosed sales. Consequently, an estimated profit addition premised on the alleged off-book disposal of the disputed stock also fails when the underlying stock addition lacks evidentiary support. The additions for alleged stock inflation and presumed unrecorded sales were deleted. en-us Mon, 01 Oct 1990 00:00:00 +0530 Tue, 07 Dec 2010 15:57:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56973 Stock additions based solely on discrepancies between book stock and bank hypothecation statements are unsustainable where maintained stock registers have undergone consistent independent verification without discrepancies. Bank declarations made for hypothecation purposes do not outweigh reliable stock records unless the Department establishes actual stock suppression or undisclosed sales. Consequently, an estimated profit addition premised on the alleged off-book disposal of the disputed stock also fails when the underlying stock addition lacks evidentiary support. The additions for alleged stock inflation and presumed unrecorded sales were deleted. Case-Laws Income Tax Mon, 01 Oct 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56973