https://www.taxtmi.com/caselaws?id=254629 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 54,40,436/- made by the A.O. The Tribunal found the assessee's reconciliation and correction of errors in the stock register to be supported by documentary evidence. It concluded that the A.O. failed to verify the explanations and evidence provided by the assessee, and dismissed the Revenue's appeal. The Tribunal emphasized that rectifying stock valuation discrepancies cannot be considered a retraction, and the A.O. should have verified the reconciliation before making the addition. en-us Tue, 23 Dec 2014 00:00:00 +0530 Sat, 27 Dec 2014 07:49:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254629 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 54,40,436/- made by the A.O. The Tribunal found the assessee's reconciliation and correction of errors in the stock register to be supported by documentary evidence. It concluded that the A.O. failed to verify the explanations and evidence provided by the assessee, and dismissed the Revenue's appeal. The Tribunal emphasized that rectifying stock valuation discrepancies cannot be considered a retraction, and the A.O. should have verified the reconciliation before making the addition. Case-Laws Income Tax Tue, 23 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254629