https://www.taxtmi.com/caselaws?id=240999 The ITAT Jodhpur held that statements recorded during survey proceedings cannot solely be the basis for additions. The appellant properly explained the discrepancy in stock valuation, paid taxes on the excess stock, and disclosed it in the return of income. Therefore, the ITAT ordered to delete the impugned addition based on the surrendered value of excess stock. However, the charging of interest under sections 234B and 234C of the Act was upheld as mandatory and consequential, resulting in a partial allowance of the appeal. en-us Thu, 07 Feb 2013 00:00:00 +0530 Tue, 16 Apr 2013 13:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240999 The ITAT Jodhpur held that statements recorded during survey proceedings cannot solely be the basis for additions. The appellant properly explained the discrepancy in stock valuation, paid taxes on the excess stock, and disclosed it in the return of income. Therefore, the ITAT ordered to delete the impugned addition based on the surrendered value of excess stock. However, the charging of interest under sections 234B and 234C of the Act was upheld as mandatory and consequential, resulting in a partial allowance of the appeal. Case-Laws Income Tax Thu, 07 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240999