dear sir/madam
kindly help me by suggesting supreme court decision/case on stock declared to bank for OD is not final for determination of profit or for considering as income for tax by department. asap.
thanks n regards
vijendra
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Valuation of stock
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stock declared by firms for OD purpose is normally false, as the reason behind it is that if stock is less than 80% margin than OD limit may be cancelled or limit may be reduced, so its the practice to show stock @ 80% margin. in a bank stock statement varification when i visited to a client then i found only rs 600000 stock(Bardana) as against 1.2 crores shown in stock statement.
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