https://www.taxtmi.com/caselaws?id=217223 The ITAT dismissed the department's appeal, affirming the CIT(A)'s decisions on both issues. The first addition of Rs. 4,64,139 for unaccounted excess stock was deemed unnecessary as the excess stock had already been surrendered. The second addition of Rs. 5,46,322 based on estimated profit was allowed to be set off against unaccounted investment in stock-in-trade, following established legal principles and precedents, including the Supreme Court case of Anantram Veerasinghaiah & Co. Vs. CIT. en-us Tue, 31 Jul 2012 00:00:00 +0530 Thu, 04 Oct 2012 18:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217223 The ITAT dismissed the department's appeal, affirming the CIT(A)'s decisions on both issues. The first addition of Rs. 4,64,139 for unaccounted excess stock was deemed unnecessary as the excess stock had already been surrendered. The second addition of Rs. 5,46,322 based on estimated profit was allowed to be set off against unaccounted investment in stock-in-trade, following established legal principles and precedents, including the Supreme Court case of Anantram Veerasinghaiah & Co. Vs. CIT. Case-Laws Income Tax Tue, 31 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217223