C/Taxap/401/2018 Order v. No Question Of Law Arises. Tax Appeal Is Dismissed

IN THE HIGH COURT OF GUJARAT AT AHMEDABAD R/TAX APPEAL No. 401 of 2018 ==============================================================PRINCIPAL COMMISSIONER OF INCOME TAX 1VersusDEEPKIRAN FOODS PVT. LTD ============================================================== Appearance :Mr MR BHATT, Sr Advocate with Mrs MAUNA M BHATT, Advocate for the PETITIONER============================================================== CORAM: HONOURABLE Mr. JUSTICE AKIL KURESHIandHONOURABLE Mr. JUSTICE B.N. KARIA30[th] April 2018 ORAL ORDER(PER : HONOURABLE Mr. JUSTICE AKIL KURESHI) Revenue is in appeal against the judgment of the Income Tax Appellate Tribunal, Ahmedabad dated 27[th] September 2017 raising following question for our consideration :- “Whether the Appellate Tribunal has erred in law and on facts in deleting the additionmadeonaccountof disallowance of Rs. 65,72,677/= due to stock difference ?” The sole basis for the Assessing Officer to make addition of RS. 65.72 lakhs [rounded off] was the difference of stock shown in the assessee’s books of account, as compared to the Bank-stock statement maintained by the assessee. CIT [A] and the Tribunal deleted such addition primarily accepting assessee’s explanation for such discrepancy. The Tribunal, in particular, referred to the judgment of this Court in case of CIT v. Arrow Exim Private Limited, reported in [2010] 230 CTR 293 [Gujarat] and held that the Bank’s stock statement cannot be the sole ground for making the addition. We noticed that the CIT [A] also had examined this issue at a considerable length. Essentially, the issue is factual one based on material available. No question of law arises. Tax Appeal is dismissed. [Akil Kureshi, J.] Prakash [B.N Karia, J.]