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2020 (10) TMI 239 - AT - Income TaxAddition on account of difference in stock - HELD THAT:- The books of accounts at any point of time were not rejected by the AO. There was no denial by the AO that stock was lying outside factory premises and cold storages. AO has not pointed out any defect in the reconciled stock. CIT(A) has also not taken the cognizance of proper GP rate applied by the CIT(A). AO as well as the CIT(A) has not considered the actual material in consonance with the physical stock. The assessee had justified its difference through the documents which was at no point of time doubted by any of the Revenue Authorities. CIT(A) was not justified in directing the AO for making an addition on account of difference in stock for sustaining the same for ₹ 10,66,350/-. The appeal of the assessee is allowed.
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