https://www.taxtmi.com/caselaws?id=342087 The ITAT partially allowed the appeal, directing the CIT(A) to reevaluate the addition of Rs. 1,52,538 on account of stock shortage and Rs. 2,43,500 on account of unexplained investments. The ITAT found that the lower authorities did not properly examine the stock reconciliation and rejected explanations without sufficient reasons. It instructed the CIT(A) to pass reasoned orders considering whether the entire suppressed sales amount or only the gross profit should be added, and to provide a fair opportunity for the assessee in the assessment of unexplained investments. en-us Fri, 21 Apr 2017 00:00:00 +0530 Wed, 26 Apr 2017 07:09:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342087 The ITAT partially allowed the appeal, directing the CIT(A) to reevaluate the addition of Rs. 1,52,538 on account of stock shortage and Rs. 2,43,500 on account of unexplained investments. The ITAT found that the lower authorities did not properly examine the stock reconciliation and rejected explanations without sufficient reasons. It instructed the CIT(A) to pass reasoned orders considering whether the entire suppressed sales amount or only the gross profit should be added, and to provide a fair opportunity for the assessee in the assessment of unexplained investments. Case-Laws Income Tax Fri, 21 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342087