https://www.taxtmi.com/caselaws?id=446250 ITAT Bangalore allowed the assessee's appeal, deleting all additions made by AO. Regarding alleged deficit gold jewelry stock, ITAT held that same quantity jewelry found at Managing Director's residence belonged to assessee and was kept for safe custody, granting telescopic benefit. For excess silver articles of 1.801 kgs (0.1786% of total stock), ITAT considered it minimal weighing difference due to scale variations. Unexplained expenditure additions based on loose slips were deleted as revenue failed to provide corroborative evidence or opportunity for cross-examination, ruling suspicion cannot replace material evidence. en-us Wed, 20 Sep 2023 00:00:00 +0530 Wed, 29 Nov 2023 07:32:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446250 ITAT Bangalore allowed the assessee's appeal, deleting all additions made by AO. Regarding alleged deficit gold jewelry stock, ITAT held that same quantity jewelry found at Managing Director's residence belonged to assessee and was kept for safe custody, granting telescopic benefit. For excess silver articles of 1.801 kgs (0.1786% of total stock), ITAT considered it minimal weighing difference due to scale variations. Unexplained expenditure additions based on loose slips were deleted as revenue failed to provide corroborative evidence or opportunity for cross-examination, ruling suspicion cannot replace material evidence. Case-Laws Income Tax Wed, 20 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446250