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2019 (10) TMI 510 - ITAT AHMEDABADAdditions made by AO - excess stock found during the course of survey - Addition made in respect of net profit - HELD THAT:- The basis of making addition is the statement recorded during the course of survey. Ld. Counsel for the assessee has taken me through the statement so recorded. It is stated that the whole purchases have been through banking channels - Considering the fact that the assesse has demonstrated that purchases were made through banking channels and have been recorded in the books of accounts, the revenue has not brought any contrary material on record. Under these undisputed facts, the A.O. is hereby directed to delete the addition of ₹ 16,80,000/- as made in respect of the excess stock. However, the addition in respect of net profit @ 2% is sustained on this addition - appeal allowed in part.
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