https://www.taxtmi.com/caselaws?id=387026 The Tribunal directed the assessing officer to delete the addition of Rs. 16,80,000 made in respect of the excess stock. The appellant demonstrated purchases made through banking channels and reconciled sales and purchases in the books of accounts, leading to the deletion of the addition. However, the Tribunal sustained the addition of net profit at 2% on the initial addition amount. The appeal filed by the assessee was partly allowed, with the addition of excess stock being deleted but the addition of net profit at 2% being sustained. en-us Tue, 17 Sep 2019 00:00:00 +0530 Tue, 15 Oct 2019 12:28:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387026 The Tribunal directed the assessing officer to delete the addition of Rs. 16,80,000 made in respect of the excess stock. The appellant demonstrated purchases made through banking channels and reconciled sales and purchases in the books of accounts, leading to the deletion of the addition. However, the Tribunal sustained the addition of net profit at 2% on the initial addition amount. The appeal filed by the assessee was partly allowed, with the addition of excess stock being deleted but the addition of net profit at 2% being sustained. Case-Laws Income Tax Tue, 17 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387026