https://www.taxtmi.com/caselaws?id=408348 The Tribunal concluded that the Assessing Officer's addition under Section 69/115BBE of the Income Tax Act was not justified. The explanation provided by the assessee regarding the inflated stock statements was deemed reasonable and supported by judicial precedents. As the books of accounts were audited without adverse remarks and the differences in stock statements were adequately explained, the Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 2,14,89,267. The Revenue's appeal was dismissed, affirming the deletion of the addition. en-us Thu, 20 May 2021 00:00:00 +0530 Tue, 08 Jun 2021 09:10:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408348 The Tribunal concluded that the Assessing Officer's addition under Section 69/115BBE of the Income Tax Act was not justified. The explanation provided by the assessee regarding the inflated stock statements was deemed reasonable and supported by judicial precedents. As the books of accounts were audited without adverse remarks and the differences in stock statements were adequately explained, the Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 2,14,89,267. The Revenue's appeal was dismissed, affirming the deletion of the addition. Case-Laws Income Tax Thu, 20 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408348