https://www.taxtmi.com/caselaws?id=57266 The Tribunal dismissed the Department's appeal and allowed the assessee's appeal, resulting in the deletion of the entire addition made by the AO on account of the difference in stock based on stock statements furnished to the bank and as shown in the books of account. The Tribunal found that the inflated stock statements submitted to the bank were for obtaining a higher cash credit limit and did not warrant additions. The CIT(A)'s order sustaining the Rs. 50,000 addition was set aside, and the entire addition made by the AO was deleted. en-us Mon, 12 Nov 2001 00:00:00 +0530 Thu, 09 Dec 2010 12:01:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57266 The Tribunal dismissed the Department's appeal and allowed the assessee's appeal, resulting in the deletion of the entire addition made by the AO on account of the difference in stock based on stock statements furnished to the bank and as shown in the books of account. The Tribunal found that the inflated stock statements submitted to the bank were for obtaining a higher cash credit limit and did not warrant additions. The CIT(A)'s order sustaining the Rs. 50,000 addition was set aside, and the entire addition made by the AO was deleted. Case-Laws Income Tax Mon, 12 Nov 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57266