Assessee purchased gold jewellery from one ‘V’ and recorded amount payable to him. AO called assessee’s ledger in books of ‘V’, which did not show purchase in question. Assessee explained that the purchase so made was subsequently returned and was immediately recorded by ‘V’ but recorded by Assessee in a subsequent year. Tribunal held that since the liability as well as stock were declared and continued in the books of accounts, there was no under assessment, and there was no bogus liability to make the addition.  (AY. 2014-15)