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2022 (6) TMI 1106 - AT - Income TaxUndisclosed stock found during the course of survey - HELD THAT:- As alleged excess stock is part of business income of the assessee and the same has been confirmed by the CIT(A) and the Revenue is not before us challenging the said finding. Now once it is confirmed that excess stock is part of business income, it is judicially settled that only profit element in such excess stock should be brought to tax. Keeping in to consideration the gross profit rate and net profit rate disclosed by the assessee in the audited financial statements and also the submissions of assessee that the assessee is ready to offer 12% profit on the excess stock, we with a view to end of dispute sustain the addition on account of undisclosed closing stock i.e. 12% of undisclosed stock
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