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2012 (10) TMI 176 - ITAT MUMBAIUnaccounted excess stock - CIT(A) deleted the addition - Held that:- As borne out from the record that the stock of gold mentioned in the approval memos were found at the premises of the assessee and at the time of survey the entire stock was inventorised. Whatever the excess stock was found the same was surrendered by the assessee. Thus no reason for further addition of Rs..4,64,139/- was called for. Thus, the finding given by the CIT(A) is based on correct appreciation of facts and we do not find any reason to deviate from the same - aginst revenue. Addition on account of estimated profit on basis of seized documents from search/survey operation from office of Anoopchand group - Held that:- CIT(A) has given the benefit of estimated income to be set off against unaccounted investment in stock-in-trade which cannot be disturbed as no other unaccounted investment was found in the course of survey and the undisclosed income can be set off against unaccounted stock found which has been surrendered by the assessee at the time of survey following the decision reported in Anantram Veerasinghaiah & Co. Vs. CIT, [1980 (4) TMI 2 - SUPREME COURT] - in favour of assessee.
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