2013 (11) TMI 1061

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..../86 relating to assessment years 1981-82 and 1983-84) in consonance with orders of 6.11.1996 of this Court in Income Tax Appeal Nos.57 and 58 of 1993, had referred the following question of law for opinion of this Court: "Whether on the facts and in the circumstances of the case, the ld. ITAT is right in law in confirming the order of the Commissioner of Income tax (Appeals) deleting the addition of Rs.7 lacs made by the Assessing Officer on account of difference in value of stock hypothecated with the bank and reflected in the books of accounts of the assessee?" 2. The assessee is a registered firm deriving its income from sale of Massey Ferguson tractors as also their spare parts etc. For the assessment year 1981-82 return declaring....

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....s of the Assessing Officer (for short, the AO). Consequently, finding of addition of Rs.7 lacs made by the AO was reversed. 4. We have heard counsel for the parties while going through the paper book. 5. The revenue has claimed that the assessee was bound by its own admission qua quantum of stock made in statement supplied to the bank and thus there was no escape for it. It is claimed that findings of the Tribunal confirming the order of CIT(A) deleting addition of Rs.7 lacs made by the AO, is mis-founded because statement supplied to the bank regarding stock position is checked in due course of business and genuineness of the same could not be doubted. 6. Per contra, stand of the assessee is that the stock statement supplied to th....