ACIT, Central Circle-13, New Delhi Versus Diamond Hut India (P) Ltd. - Income Tax - ITAT DELHI - Tri - Valuation of stock discrepancy between stock statements filed in Bank and stock shown in books of accounts - Held that - The practice of declaring higher stock to the bank to get higher loan facility, is a fact of life Following CIT vs. Shree Padmavathy Cotton Mills 1997 (3) TMI 26 - MADRAS High Court - The books of account had not been rejected by the department as not representing the c................................... Income Tax - Case Laws
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