TaxTMI 
TaxTMI 
2011 (3) TMI 594
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....ts and in the circumstances of the case and in law, the Tribunal was legally justified in dismissing the appeal of the department by placing reliance on the decision of Hon'ble High Court of Punjab & Haryana in the case of CIT Vs. Sidhu Rice & General Mills 281 ITR 428 ignoring the fact that the facts of the case of the assessee are clearly distinguishable from the facts of case CIT Vs. Sudhu Rice & General Mills?" 2. The Assessing Officer made addition to the declared income of the assessee on the ground that in the statement with regard to value of hypothecated stock furnished to the bank, the assessee had given higher figure of value of stock than the value reflected in the books of account. The finding was set aside on the groun....
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....aspect of the case to come to the conclusion in a particular case. In the case of Sidhu Rice & General Mills which has been relied upon by the ld. Counsel the Hon'ble High Court had taken note of the fact that the credit facilities given by the bank in that case was against the hypothecation of stocks and not against the pledge of stock as is also the case of the appellant. The Hon'ble jurisdictional High Court deleted the addition in that case on the ground that except for the photocopies of the stock statement allegedly furnished to the bank by that assessee, no material had been brought on record to show that the assessee in fact possessed larger quantity of stocks. In the case of the appellant also the overdraft facility has been availe....