Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (2) TMI 1111 - AT - Income TaxAddition on account of difference in details of closing stock - Held that:- CIT(A) deleted the addition by coming to the conclusion that the accounts of the assessee had been audited and the closing stock of ₹ 31,53,914/- appears therein, the AO had no basis for making an addition of ₹ 24,143,676/- only on the basis of a working submitted on behalf of the assessee during the assessment proceedings. The ld. CIT(A) further held that as the assessee had pleaded clerical error, the AO was not justified in making the addition only on the basis of closing stock summary submitted by the ld. AR of the assessee and supposedly drawn up by the office accountant while ignoring the audit report and audited accounts. The ld. CIT(A) concluded that no reliable material forms the basis of the addition of ₹ 24,14,676/- and the same deserves to be deleted. We find that the ld. CIT(A) was correct in arriving at the conclusion
|