Excess Stock declared to bank is taxable as Unexplained Investment

Suraj Bhan Oil Private Limited Vs DCIT (Madhya Pradesh High Court) The entire controversy revolves around the question as to whether the assessee has been able to provide explanation for difference of stock between the stock submitted to the bank as on 28/3/2005 and the stock indicated in the audit report for the period ending 31/03/2005 relating to raw material, stock-in-process and finished goods. No evidence has been produced by the assessee of sale and purchase of raw material and finished goods during the period 28.03.2005 to 31.03.2005 as found by the Assessing Officer in the previous as...