https://www.taxtmi.com/caselaws?id=394943 The Tribunal upheld the Revenue's approach of making additions based on the physical stock found and the gross profit rate on the sale value of the excess book-stock of iron ore. It found the assessee's explanation for the excess stock to be without merit, indicating unaccounted production and sales. The Tribunal advised the assessee to maintain proper records to avoid future discrepancies and potential tax liabilities. The appeals of the assessees were allowed, and the Revenue's appeals were dismissed. en-us Mon, 24 Feb 2020 00:00:00 +0530 Thu, 30 Apr 2020 13:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394943 The Tribunal upheld the Revenue's approach of making additions based on the physical stock found and the gross profit rate on the sale value of the excess book-stock of iron ore. It found the assessee's explanation for the excess stock to be without merit, indicating unaccounted production and sales. The Tribunal advised the assessee to maintain proper records to avoid future discrepancies and potential tax liabilities. The appeals of the assessees were allowed, and the Revenue's appeals were dismissed. Case-Laws Income Tax Mon, 24 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394943