2016 (7) TMI 1293

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....haveri, J. 1. By way of Tax Appeal No. 278 of 2008, the appellant Department has challenged the judgment and order dated May 18, 2007 of the Income-tax Appellate Tribunal, Rajkot Bench in I. T. A. No. 203/Rjt/2006 for the assessment year 2002-03 and vide Tax Appeal No. 711 of 2009, the appellant-Department has challenged the judgment and order dated June 4, 2008 of the Income-tax Appellate Tribun....

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....he following substantial question of law was framed by the court for consideration : "A. Whether the Appellate Tribunal is right in law and on facts in confirming the order passed by the Commissioner of Income-tax (Appeals) deleting the addition of Rs. 1,22,99,706 on account of difference between stock as per books of account and stock statement furnished to bank ?" 4. Learned counsel for the a....

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....e of availing of larger credit facilities, no addition can be made if there appears to be a difference between the stock shown in the books of account and the statement furnished to the banking authorities. Accordingly, the question is answered in the affirmative, i.e., against the appellant Revenue and in favour of the assessee. We hold that the Tribunal was right in law in deleting the addition ....