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2014 (4) TMI 469 - AT - Income TaxAddition on valuation of stock and excess cash by A.O. - Margin of profit @ 27% was reduced from value of stock - Held that:- Inventory was made at MRP during survey operation - After making adjustment @ 27%, actual difference in stock worked out at Rs.27,49,000/- and after adding cash difference a lump-sum discloser of Rs.30 lacs was made - Considered the assessee's plea regarding adjustment for VAT which was 12.5% during relevant period on the goods sold by assessee - Considering totality of facts, CIT (A) was justified in deleting the addition and directing the Assessing Officer to reduce the addition on account of valuation of stock to be restricted by allowing margin of 26.88% from value of excess stock inventorised at MRP during the survey operation – Decided against Revenue.
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