1996 (7) TMI 51

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....d three fold : "(i) The Tribunal is right in deleting the addition towards suppression of closing stock ? (ii) The Tribunal is right in deleting the addition without independently considering the case on merits ? (iii) Should not the Tribunal have examined or remitted the cases for examination of the bank officers ?" The whole controversy centres around a sum of Rs. 1,60,192 which even the Inc....

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....ce of the record that the electric supply especially to the needed cold storages gets not only intermittently disrupted but also continuously disrupted as an after effect of lightning and thunder which is also not uncommon. It appears that the first appellate authority-Commissioner of Income-tax (Appeals)--expected the Income-tax Officer to verify the stock by summoning the bank clerks along with ....