https://www.taxtmi.com/caselaws?id=242860 A survey statement recorded under section 133A was treated as insufficient by itself to sustain an addition for alleged excess stock, particularly where the assessee retracted the admission, the books were not rejected under section 145(3), and no independent corroboration supported the survey inventory. The stock valuation was also found defective because of cuttings, overwriting and improper computation, requiring a more realistic discount and gross profit adjustment, with credit for goods received on approval but not yet entered in the books. On these facts, the addition was not sustainable to the extent made and the valuation-based relief was upheld. en-us Wed, 18 Dec 2013 00:00:00 +0530 Mon, 18 May 2026 13:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242860 A survey statement recorded under section 133A was treated as insufficient by itself to sustain an addition for alleged excess stock, particularly where the assessee retracted the admission, the books were not rejected under section 145(3), and no independent corroboration supported the survey inventory. The stock valuation was also found defective because of cuttings, overwriting and improper computation, requiring a more realistic discount and gross profit adjustment, with credit for goods received on approval but not yet entered in the books. On these facts, the addition was not sustainable to the extent made and the valuation-based relief was upheld. Case-Laws Income Tax Wed, 18 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242860