1982 (3) TMI 129

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....rence of stock as on 31st March, 1974 being the end of the assessee's previous year for asst. yr. 1974-75, which is under consideration, as the ITO found that on the said date there was difference in details of closing stock disclosed by the assessee to the Central Bank of India and closing stock as per the books of the assessee. 2. In respect of the above dispute, there is no controversy about....

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.... the bank stock position as on 31st March, 1974. It was stated that after 28th March, 1974, report of the stock was furnished to the bank only on 4th April, 1974. Naturally the Bank considered the position of 28th March, 1974 also as that of 31st March, 1974. In the meantime, the appellant had sold some stock on 29th, 30th & 31st March, 1974. Keeping in view the facts and circumstances of the case....

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....ch were sold between 28 and 31st March, 1974 would not vitiate his action in deleting the said addition because he has found it as a fact that it was stock as on 28th March, 1974 which was furnished to the bank and the same since was not varied from day to day up to 31st March, 1974, it continued to be the same and he also observed that the assessee had sold some stock during the period. No additi....