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2022 (4) TMI 334 - AT - Income TaxAddition u/s. 69 as unexplained investments - difference in closing stock was survey conducted in the business premises of the assessee on 26.08.2015 - HELD THAT:- AO has completed the assessment for the AY 2014-15 u/s.143(3) of the Act dated 08.08.2016 and has accepted additional income offered by the assessee on account of difference in stock in trade found during the course of survey - once the AO has accepted the fact that the assessee has admitted difference in stock in trade as on 31.03.2014 and further, the same had been admitted for the AY 2014-15, he ought not to have made additions for the very same difference in stock in trade for the AY 2015-16. No matter, the survey must have taken place on 26.08.2015, but the fact needs to be considered, is difference in stock in trade pertains to which assessment year. In this case, the AO had worked out the difference in stock in trade for the AY 2014-15 (FY 2013-14) and the assessee had also admitted the additional income for the AY 2014-15. Assessee has rightly offered additional income on account of difference in stock in trade for the AY 2014-15 and the AO has rightly assessed the same for the AY 2014-15. CIT(A) after considering the relevant facts has rightly deleted the additions made by the AO towards unexplained investment on account of difference in stock in trade for the AY 2015-16 including business profit on account of difference in stock in trade. Hence, we are inclined to uphold the findings of the Ld.CIT(A) and reject the ground taken by the Revenue.
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