1987 (7) TMI 144

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....e following questions of law arising out of Tribunal's consolidated order dt. 24th Feb., 1987 in ITA Nos. 536 and 642 of 1986 (being cross appeals by the assessee and the Revenue) relating to the asst. yr. 1982-83, to the Hon'ble High Court of Punjab & Haryana at Chandigarh under s. 255(1) of the Act: R.A. No. 93 of 1987 "Whether, on the facts and in the circumstances of the case, the Appell....

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..... In terms of value, the discrepancy was of Rs. 4,81,327. The ITO made the addition of this amount to the declared income accordingly. On appeal, the CIT held that only the cost price of the stock hypothecated with the bank should have been added and not the market price. He, therefore, reduced the addition by Rs. 1,91,184 observing that G.P. rate shown by the assessee was 21 per cent and, therefo....