https://www.taxtmi.com/caselaws?id=422575 The Tribunal partially allowed the appeal, ruling against the addition of Rs.39,50,000 based on stock valuation differences. It emphasized the need for concrete evidence to justify additions and directed the Assessing Officer to recalculate the addition using a 2% net profit rate to address potential revenue leakage. The Tribunal found the assessee's explanations regarding stock valuation variance and compliance with audit requirements to be reasonable, highlighting the importance of maintaining tax compliance and preventing revenue leakages. en-us Fri, 13 May 2022 00:00:00 +0530 Wed, 18 May 2022 08:58:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422575 The Tribunal partially allowed the appeal, ruling against the addition of Rs.39,50,000 based on stock valuation differences. It emphasized the need for concrete evidence to justify additions and directed the Assessing Officer to recalculate the addition using a 2% net profit rate to address potential revenue leakage. The Tribunal found the assessee's explanations regarding stock valuation variance and compliance with audit requirements to be reasonable, highlighting the importance of maintaining tax compliance and preventing revenue leakages. Case-Laws Income Tax Fri, 13 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422575