https://www.taxtmi.com/caselaws?id=217199 The tribunal upheld the CIT(A)'s decision to delete the addition on account of unexplained investment in closing stock, citing incorrect valuation and transfer of goods as reasons. The tribunal also agreed with the CIT(A) in deleting the addition related to bogus purchases and creditors, as returned summons alone did not prove them as bogus. However, the tribunal sustained the addition on account of un-reconciled discrepancies in the account of creditors, reducing it to Rs.97,341. Additionally, the tribunal upheld the addition for investment in construction of building due to lack of supporting evidence. The tribunal rejected the claim of lack of opportunity to be heard, dismissing all appeals and confirming the CIT(A)'s orders. en-us Fri, 21 Sep 2012 00:00:00 +0530 Sat, 06 Oct 2012 10:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217199 The tribunal upheld the CIT(A)'s decision to delete the addition on account of unexplained investment in closing stock, citing incorrect valuation and transfer of goods as reasons. The tribunal also agreed with the CIT(A) in deleting the addition related to bogus purchases and creditors, as returned summons alone did not prove them as bogus. However, the tribunal sustained the addition on account of un-reconciled discrepancies in the account of creditors, reducing it to Rs.97,341. Additionally, the tribunal upheld the addition for investment in construction of building due to lack of supporting evidence. The tribunal rejected the claim of lack of opportunity to be heard, dismissing all appeals and confirming the CIT(A)'s orders. Case-Laws Income Tax Fri, 21 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217199