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2022 (7) TMI 540 - AT - Income TaxAdditions towards value of closing stock of shares - HELD THAT:- As per the assessee, the total of two stocks comes to Rs.3,82,933/- whereas, the AO has made addition - We find that sum of two accounts i.e. M/s.SSKAI for Rs.2,58,348/- and M/s.Motilal Oswal Securities, for Rs.1,24,585/- comes to Rs.3,82,933/- whereas the AO has made addition of Rs.5,62,487/-. We have verified the difference between the additions made by the AO and additions he ought to have been made and find that the AO had included a sum of Rs.1,79,554/- being closing balance of various bank accounts as on 31.03.2014, even though, the AO observed in his assessment order that after considering submissions of the assessee, no addition is made on account of closing balance. Therefore, we are of the considered view that there is a mistake in as much as to make additions towards closing balance of Rs.1,79,554/-. Therefore, we direct the AO to exclude a sum of Rs.1,79,554/- and confirm additions towards value of closing stock of shares for Rs.3,82,933/-. Appeal filed by the assessee is partly allowed.
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