P&H HC Sustained Addition as Assessee Failed to Disprove Bank Stock Statements

Loomba Manufacturing Syndicate Ludhiana Vs CIT (Punjab And Haryana High Court) The appeal under Section 260A of the Income Tax Act, 1961 challenged the order dated 09.02.2009 passed by the Income Tax Appellate Tribunal (ITAT), Chandigarh. The appeal was admitted on 17.03.2010 to consider whether the addition made was sustainable in view of the Court’s earlier order dated 06.08.2004 and whether the impugned orders were liable to be set aside as relevant bank records had been weeded out and the issue regarding signing of stock statements by partners remained unanswered. This was the second rou...