Addition for Value of stock shown to bank in excess of that as per accounts

Pr. CIT Vs  Gladder Ceramics Ltd. (Gujarat High Court) Tribunal has compared the stock statement for the year under consideration as per the books of accounts and as submitted to the bank and has found that there was no difference in the stock so far as the quantity is concerned. It was the case of the assessee that it is common practice to give inflated valuation to the bank to avail cash credit facilities which are invariably given on the hypothecation of the stock. It was also the case of the assessee that the price as shown in the books of account was in terms of the cost price and in the...