Case of Ajay Food Products vs ITO, HC J&K Judgement Dated 11th March 2026. HC dismissed the appeal challenging an addition made based on discrepancies between stock statements submitted to a bank and the stock recorded in the books of accounts. HC ruled that inflating stock figures submitted to banks for higher credit limits constitutes ‘commercial immorality’ and constitutes undisclosed income. It held that precise, certified, and declared stock figures in bank statements cannot be later dismissed as mere estimates.