https://www.taxtmi.com/caselaws?id=264887 The Appellate Tribunal ITAT Ahmedabad upheld the CIT(A)'s decision to delete the addition of Rs. 17,13,958 for under valuation of closing stock of gold and silver. The Tribunal found the assessee adequately proved ownership and non-inclusion of the ornaments in the closing stock. It emphasized the need for proper verification by the Assessing Officer and full disclosure of material information by the assessee. The Tribunal dismissed the Revenue's appeal, supporting the CIT(A)'s analysis and decision-making process. en-us Fri, 26 Sep 2014 00:00:00 +0530 Sun, 04 Oct 2015 12:36:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264887 The Appellate Tribunal ITAT Ahmedabad upheld the CIT(A)'s decision to delete the addition of Rs. 17,13,958 for under valuation of closing stock of gold and silver. The Tribunal found the assessee adequately proved ownership and non-inclusion of the ornaments in the closing stock. It emphasized the need for proper verification by the Assessing Officer and full disclosure of material information by the assessee. The Tribunal dismissed the Revenue's appeal, supporting the CIT(A)'s analysis and decision-making process. Case-Laws Income Tax Fri, 26 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264887