https://www.taxtmi.com/caselaws?id=416441 The ITAT upheld the CIT(A)'s decision to delete the addition of Rs. 33,18,94,091/- as unexplained investment in closing stock. The AO's addition was deemed unsupported by evidence, based on assumptions, and the Jilaba software data was considered unreliable for stock valuation. The CIT(A) found no defects in the audited books of accounts and emphasized that the AO cannot make additions without rejecting the books of account. The appeal by the Revenue was dismissed. en-us Mon, 20 Dec 2021 00:00:00 +0530 Wed, 29 Dec 2021 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416441 The ITAT upheld the CIT(A)'s decision to delete the addition of Rs. 33,18,94,091/- as unexplained investment in closing stock. The AO's addition was deemed unsupported by evidence, based on assumptions, and the Jilaba software data was considered unreliable for stock valuation. The CIT(A) found no defects in the audited books of accounts and emphasized that the AO cannot make additions without rejecting the books of account. The appeal by the Revenue was dismissed. Case-Laws Income Tax Mon, 20 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416441