https://www.taxtmi.com/caselaws?id=349987 The Tribunal upheld the CIT(A)'s order, dismissing the appeal and confirming the addition of Rs. 5,11,114/- as unexplained investment in stock. The Tribunal found the application of a 13% GP rate reasonable, rejecting the assessee's claim of a 14% rate. The lack of a stock register led to the determination of closing stock using the GP ratio. The Tribunal held that the addition fell under Section 69 of the IT Act, 1961, and not Section 68. The appeal was dismissed on 30/08/2017. en-us Wed, 30 Aug 2017 00:00:00 +0530 Sat, 28 Oct 2017 08:18:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349987 The Tribunal upheld the CIT(A)'s order, dismissing the appeal and confirming the addition of Rs. 5,11,114/- as unexplained investment in stock. The Tribunal found the application of a 13% GP rate reasonable, rejecting the assessee's claim of a 14% rate. The lack of a stock register led to the determination of closing stock using the GP ratio. The Tribunal held that the addition fell under Section 69 of the IT Act, 1961, and not Section 68. The appeal was dismissed on 30/08/2017. Case-Laws Income Tax Wed, 30 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349987