https://www.taxtmi.com/caselaws?id=258086 The Tribunal allowed the appeal filed by the assessee and dismissed the appeal filed by the Revenue. The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 19,99,840/- on account of undisclosed stock, citing verified facts and evidence. Additionally, the Tribunal found the AO's addition of Rs. 4,57,340/- as undisclosed profit unjustified, as it was based on assumptions without considering the assessee's explanations and documentary evidence. The Tribunal emphasized the importance of evaluating each year independently in income tax proceedings and confirmed that the current year's transactions aligned with market rates. en-us Wed, 25 Mar 2015 00:00:00 +0530 Mon, 30 Mar 2015 14:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258086 The Tribunal allowed the appeal filed by the assessee and dismissed the appeal filed by the Revenue. The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 19,99,840/- on account of undisclosed stock, citing verified facts and evidence. Additionally, the Tribunal found the AO's addition of Rs. 4,57,340/- as undisclosed profit unjustified, as it was based on assumptions without considering the assessee's explanations and documentary evidence. The Tribunal emphasized the importance of evaluating each year independently in income tax proceedings and confirmed that the current year's transactions aligned with market rates. Case-Laws Income Tax Wed, 25 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258086