https://www.taxtmi.com/caselaws?id=424265 The ITAT Kolkata partly allowed the appellant's appeal, sustaining the addition for excess stock at Rs.3,51,430/-, representing 12% of the undisclosed stock amount. The decision emphasized taxing only the profit element within the excess stock, considering the GP rate and NP rates disclosed by the appellant. The ITAT acknowledged the regularization of excess stock in the books and the advance tax payment on it, leading to the adjustment in the assessed income for the assessment year 2015-16. en-us Fri, 17 Jun 2022 00:00:00 +0530 Sat, 25 Jun 2022 09:20:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424265 The ITAT Kolkata partly allowed the appellant's appeal, sustaining the addition for excess stock at Rs.3,51,430/-, representing 12% of the undisclosed stock amount. The decision emphasized taxing only the profit element within the excess stock, considering the GP rate and NP rates disclosed by the appellant. The ITAT acknowledged the regularization of excess stock in the books and the advance tax payment on it, leading to the adjustment in the assessed income for the assessment year 2015-16. Case-Laws Income Tax Fri, 17 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424265