https://www.taxtmi.com/caselaws?id=446943 Additions based on alleged closing stock discrepancy and turnover mismatch cannot be sustained where the figures are disputed and the assessee produces supporting records requiring factual verification. The closing stock addition was restored because the revised audit material, quantitative details, GST returns and stock register were not adequately examined. The profit addition based on the difference between STR turnover and book turnover was also set aside because the underlying data, bank statements and related records needed proper confrontation and verification. Both matters were remanded for fresh assessment after giving adequate opportunity and observing natural justice. en-us Fri, 06 Oct 2023 00:00:00 +0530 Fri, 15 Dec 2023 10:53:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446943 Additions based on alleged closing stock discrepancy and turnover mismatch cannot be sustained where the figures are disputed and the assessee produces supporting records requiring factual verification. The closing stock addition was restored because the revised audit material, quantitative details, GST returns and stock register were not adequately examined. The profit addition based on the difference between STR turnover and book turnover was also set aside because the underlying data, bank statements and related records needed proper confrontation and verification. Both matters were remanded for fresh assessment after giving adequate opportunity and observing natural justice. Case-Laws Income Tax Fri, 06 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446943