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2014 (11) TMI 1130 - AT - Income TaxExcess value of stock - suppression of purchases or sales - Held that:- The addition on account of difference in stock can be made only on the basis of adequate material, but not arbitrarily. Admittedly, there was a difference between the value of stock declared to the bank and the Assessing Officer. There was no dispute that the asssessee was maintaining books of accounts on day to day basis. The purchases and sales as on 31.3.2007 are supported by vouchers and the Assessing Officer had not pointed out any suppression of purchases or sales. Therefore, we find Ld. CIT(A) has rightly deleted the adhoc addition of ₹ 1,00,06,656/- made by the AO, which does not need any interference on our part, hence, we uphold the order of the Ld. CIT(A). - Decided in favour of assessee.
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