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2024 (3) TMI 652 - AT - Income TaxAddition of excess stock found during the course of survey - unexplained investments u/s 69 r.w.s.115BBE - assessee is a firm engaged in sale and purchase of gold jewellery - HELD THAT:- Assessee has produced complete books of accounts during assessment proceedings. No defects have been pointed out and the books of accounts have been accepted. Thus when the difference in physical stock found during survey and as recorded in the books is duly reconciled by the assessee and supporting evidences have also been furnished before the AO & ld. CIT(A) in which no defect or discrepancy whatsoever has been pointed out by the Assessing Officer or ld. CIT(A), no addition is called for. Merely because some differences were found in stock during survey would not indicate any automatic addition be made in the hands of the assessee when assessee has duly reconciled the differences with necessary evidences and neither the AO nor ld. CIT(A) has pointed out any defects or discrepancies in the reconciliation submitted by assessee or the documents and evidences furnished by the assessee. Addition made on account of excess stock found during the course of survey is directed to be deleted. Assessee appeal allowed.
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