2013 (7) TMI 322

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....t (hereinafter referred to as 'the Act') against the order dated 11th March, 2011 passed by the Income Tax Appellate Tribunal (Delhi Bench 'C' New Delhi) in I.T.A. No. 2108/D/2008 relating to assessment year 2003-04. In memo of appeal, the following substantial questions of law have been sought to be raised: (1) "Whether on the facts and in the circumstances of the case, the Tribunal is justified in law in holding that the books of accounts cannot be rejected on the basis of discrepancies and defects found in the valuation of stock and in the cost of production and that after doing the same profit may not be estimated by the Assessing Officer ?" (2) Whether on the facts and in the circumstances of the case, the Tribunal is justifie....

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....n between the statement furnished before the bank and as shown in the account-books. The issue has been examined in depth by the First Appellate Authority and the Tribunal as well. The Tribunal has recorded categorical finding in para-5 of the order which is reproduced below: "We have considered the facts of the case and submissions made before us. On the basis of the facts on record and mentioned in the impugned order, it is clear that the assessee has been maintaining regular books of account. No discrepancy whatsoever has been pointed out by the Assessing Officer in maintenance of these accounts. The accounts are also audited. The assessee has been valuing finished goods at market value taking the sale price of the items in the follow....