https://www.taxtmi.com/caselaws?id=302576 The Tribunal upheld the CIT(A)'s decision to delete Rs.84,10,600/- from the assessment year 2010-11 due to a difference in closing stock figures. The AO's failure to prove physical verification of stock by the bank and the stock being hypothecated, not pledged, led to the dismissal of the Revenue's appeal. The Tribunal relied on legal precedents to support the decision, emphasizing that additions based on stock valuation variances without physical verification were not sustainable. The appeal was dismissed, affirming the CIT(A)'s order. en-us Fri, 05 Feb 2016 00:00:00 +0530 Mon, 06 Jun 2022 20:38:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302576 The Tribunal upheld the CIT(A)'s decision to delete Rs.84,10,600/- from the assessment year 2010-11 due to a difference in closing stock figures. The AO's failure to prove physical verification of stock by the bank and the stock being hypothecated, not pledged, led to the dismissal of the Revenue's appeal. The Tribunal relied on legal precedents to support the decision, emphasizing that additions based on stock valuation variances without physical verification were not sustainable. The appeal was dismissed, affirming the CIT(A)'s order. Case-Laws Income Tax Fri, 05 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302576